Four borrowers each want a mortgage on a property in England that they will not live in. Which loan is most likely to be a consumer buy-to-let mortgage contract?
Under the Mortgage Credit Directive Order 2015 art 4, a buy-to-let borrower is treated as acting for business purposes if he is buying the property intending to let it (Dev) or already owns other let property (Marcus). Lauren's son is a related person (RAO 2001 art 61(4)), so her loan is a regulated mortgage contract, not buy-to-let. Ffion bought the flat as her home, so letting it now is not a business purpose, making hers the consumer buy-to-let case.
Assuming a first-time landlord buying to let is a consumer, not a business.
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