Buy-to-Let is the purchase of a residential property specifically to let out, that is to rent out. A buy-to-let mortgage is a mortgage loan specifically designed for this purpose.
A House in Multiple Occupation is defined as being a building in which households share amenities like a kitchen or bathroom and where five or more unrelated individuals occupy the living space.
This is fully furnished accommodation available for both short-term as well as long-term stays. It provides more space than can be found in hotels and more amenities to those expected in traditional rental accommodation.
A lease option is where the property owner grants a lease. At the end of the agreed term the leaseholder has the right to purchase the property or hand it back to the property owner.
Buy Refurbish Refinance is the strategy of buying properties, refurbishing and then refinancing in order to take all investment money back out.
This is a forced or voluntary surrender of a property due to the owner’s inability to service the mortgage. It is also the legal process by which the lender takes possession of the property.
BMVs are properties that are available below their market value. This is usually because the owners are faced with financial difficulty or need to dispose of their property.
Rent to Rent is where a Landlord assigns their property for a specific timeframe in return for a guaranteed, monthly rent. The property would then be rented out to a third-party tenant.
These properties are often repossessions or may have structural, damp or tenant issues. As a result, they may also have fallen below their market value.