“Consumer Buy to Lets” are mortgage contracts that are regulated by the Financial Conduct Authority (FCA) to protect accidental landlords.
If you already own a property (that you or your family have lived in or that has had a residential mortgage in place) that you want to now rent out, it will be classed as Consumer Buy to Let if:
- You have no other buy to let property that is currently rented out to non-family members
- You do have another buy to let property but you or an immediate family member have lived in this property since owning it. (This property must not have been purchased with a residential mortgage)
If you have multiple Buy to lets that have all been lived in by yourself or family members, we may be able to consider
If these circumstances apply to you, your loan may be classed as “Consumer Buy to Let” and at present, we will be unable to offer you a loan.