Buy-to-let policy
A MUFB is a single freehold building which contains 2 or more self-contained units which don’t have their own individual leases.
We can accept MUFBs where the property is split into a maximum of 4 self-contained flats (no shared kitchen, bathroom, etc), each let on a single tenancy agreement with its own utilities. Each flat must have an internal floor area of at least 30sq.m. The property should be a house which has been converted into flats, but the building has been left on a single freehold title without the creation of individual leases for each flat. Our security will be the freehold title upon which we would place a single mortgage.
For all types of property our valuers must be able to find suitably comparable properties in the area and must be able to confirm there is suitable demand for the type of property in its area. This can be a particular challenge for MUFBs, and consequently we are more likely to be able to assist with higher value properties which present as simple and common house conversions in areas of particularly high demand and transactional volume.
If the flats were on individual leasehold titles, we would require separate mortgage applications per flat.