Definitions

Regulated Mortgage

If the property is used, or is intended to be used for occupation by the borrower or a related person, then the mortgage will be regulated by the FCA; this includes Buy to Let mortgages where any tenant is a relative of the borrower.

Consumer BTL

If any borrower with no other let properties is obtaining a mortgage (or remortgage) on a property that has either been inherited or has previously been occupied by the borrower or a related person at any time.

A related person is defined as:

• the borrower’s spouse or civil partner; OR
• a person (whether or not of the opposite sex) whose relationship with the borrower has the characteristics of the relationship between husband and wife; OR
• the borrower’s parent, brother, sister, child, grandparent or grandchild.