Head of Content
Mortgage Advisor & Director
What is a consumer buy to let mortgage?
Consumer buy to let mortgages are a relatively new category of mortgage aimed at so-called 'accidental landlords'.
In contrast to business buy to let mortgages, consumer buy-to-let mortgages are designed for those who let out a property, but did not intend to. These mortgages offer consumer protection that is not afforded to business buy to let mortgages.
Our advisors at Teito can help you to find the perfect mortgage. Complete our simple online form now or carry on reading to learn more!
What is the difference between a business and consumer buy to let mortgage?
The main difference between business and consumer buy to let mortgages is who they are targeted towards and the nature of the property being let out.
Business buy to let mortgages are for professional landlords who are buying a property for the purpose of letting it out, whereas a consumer buy to let mortgage is for those who did not purchase the property with this in mind.
Can I get a consumer buy to let mortgage?
You should be eligible for a consumer buy to let mortgage if:
- You did not buy the property with the intention of renting it out
- Being a landlord is not your full-time profession
- You (or a relative) have previously lived in the property
- You don't own any other properties that are being let out
Reasons for getting a consumer buy to let mortgage:
There are a few reasons why you may consider getting a consumer buy to let mortgage:
- If you are moving to a new home and looking to let out your existing home.
- You are going travelling for a period of time and looking to let your home.
- You've inherited a property with an outstanding mortgage balance from a relative, and you are hoping to let the property.
- You are moving in with a partner, and hope to keep your existing home to let out.
Are consumer buy to let mortgages regulated?
In contrast to business buy to let mortgages, consumer buy to let mortgages are regulated.
This also means that they are subject to more stringent lending criteria, such as an affordability evaluation.
How can I learn more?
Our team of experienced advisors have helped many accidental landlords to find their perfect consumer buy to let mortgage. If you are looking to let your home or inherited property, complete our simple online form today and we promise to make the process as straightforward and stress-free as possible.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
