I want to purchase a house for family members who will contribute to the mortgage. Will this be classed as a buy to let?

I want to buy a small house for my elderly mother and my aunt (my mother’s sister) and they will contribute half of the monthly mortgage repayment each. We are doing this as they are unable to get a mortgage due to their age (both in their late 70s) whereas I probably would be able to (I have three years left on my own mortgage to repay). Would this be classed as a buy to let? I do not intend to make a profit it out of them, their rent payments would literally just cover the mortgage. 

This type of transaction would be classed as a regulated buy to let because you would be letting the property to close relatives. There are not many lenders who operate in this area, so you may need to ask a broker for help, you can call us on 0345 345 6788.  A regulated buy to let mortgage is underwritten like a residential mortgage, so your income will be taken into consideration and the lender will also assess whether you can afford the repayments.

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