Mortgage Broker Q & A – Letting part of a property
Question; I want to buy a property and let a room or rooms out, is this a Buy to Let?
In short probably not if you or one of your direct family members occupy 40% or more of the property this will be classed legally as a residential mortgage.
The exception would be where you are buying a block of flats or converting a property to flats and your personal flat is less than 40% of the buildings total floorspace.
If they aren’t flats then you will occupy the public rooms too so unless your property has a very large number of bedrooms it would usually mean you occupy more than 40%.
If you are thinking of doing this however it is common for sub letting to be disallowed as a condition on a residential mortgage contract so always consult a mortgage advisor about the legal implications.