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Until recently if you were planning on renting out a property and required a mortgage for that property, the mortgage would be classed as a ‘Buy to Let’ mortgage. Recent changes to mortgage regulations mean we are now required to identify different types of Buy to Let mortgages, and we need to confirm if you are a ‘consumer Buy to Let’ applicant or a ‘professional Buy to Let’ applicant.

What’s the difference?

A ‘consumer Buy to Let’ is sometimes described as an accidental landlord. For example, if you have inherited a property that you would like to rent out instead of selling, or you have moved in with a partner but would like to keep one of your properties to rent out.

A ‘professional Buy to Let’ is now described as someone who is using a property for the purpose of business. For example:

  • if you take out a Buy to Let mortgage to purchase a property with the intention of renting it out
  • if you have previously bought a property to let out and neither yourself nor a relative has lived there;
  • if you already own a property that you have let out on the basis of a rental agreement.

What does the change mean?

We’ve added additional questions to our Buy to Let application forms and may need to ask you a few more questions on the phone when you speak to us, to confirm if you are a consumer Buy to Let or a professional Buy to Let applicant.

Consumer Buy to Let mortgages are now supervised by the FCA and regulated by HM Treasury. Professional Buy to Let mortgages will continue to be unregulated and there is no change to these.

Where can I find more information?

If you have any questions, you can ask your mortgage adviser or call us on 03300 243414.

You should also read our lending criteria, which has more detail about what we will and won’t accept for a Buy to Let mortgage. Our borrower's guide also contains useful information about mortgages you may find helpful.

THE MORTGAGE WILL BE SECURED ON YOUR PROPERTY
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE