If you are a landlord letting or looking to let to multiple tenants, typically 2-5 in number, you are likely to have more options than you realise. Whether your tenants are students or professionals, one thing is clear, we can more often than not, secure standard rates with vanilla lenders in the main. Often lenders do require the joint liability of a one tenancy situation amongst tenants, and therefore are happy to lend so long as (with most lenders) the property doesn't require a licence.
Therefore, despite what some may tell you - you do not have to pay 'commercial rates' for small multi tenanted properties.
As with most buy to let options expert guidance is recommended but compared to licenced property, this is the more straightforward and cheaper to finance for you - because we can use mainstream buy to let lenders.
"We can help you use the cheaper mainstream lenders, it can often you thousands in interest"
When we say multi let - typically we're talking about 2-4 tenants (either professionals or students). With this route you’d be able to enjoy standard buy to let rates that would typically litter any best buy tables but it's not transparent as to exactly who does what. That's where our experience plays it's part.
To give you some insight quite a number of mainstream buy to let lenders will allow up to 4 tenants on one AST (Assured Shorthold Tenancy) and a smaller number of lenders will allow seperate ASTs. There are other things to consider too, for example - locks on internal doors, the number of kitchens, whether a communal room remains downstairs and whether or not downstairs rooms are let as a bedroom/s.
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