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let to buy
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bluebaron
Posts: 152 Forumite
I have a buy to let that expires in January. My advisor has told me that if i tell the bank i am moving back in and renting out my current main residence than i could gat a better rate. I can see the logic in this and appartently it is legal but do you think i will get away with it? 
I have no plans to actually 'swap' houses.
I have no plans to actually 'swap' houses.
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You mean your advisor has told you to lie?
Time for a new advisor.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
So your advisor has told you to commit mortgage fraud....
Ummm I thinkk that can't be legal but I may be wrong!!0 -
I have a buy to let that expires in January. My advisor has told me that if i tell the bank i am moving back in and renting out my current main residence than i could gat a better rate. I can see the logic in this and appartently it is legal but do you think i will get away with it?
Luckly i rent to my brother so i am changing the council tax bill to my name and vice versa although i have no plans to actually 'swap' houses.
I am tring to get an HSBC mortgage.
Mortgage fraud is not a good idea - this is fraud, because you state you are willing to try and get a residential mortgage even thoughi have no plans to actually 'swap' houses
Have you asked your current lender for a new deal?
Have you asked your current lender for consent to let?
There are so many ways of trying to get a mortgage/better rate legally that this type of adviser really get me fuming! And it should get you fuming, as you also stand to suffer the consequences if you get found out
Get in contact with an adviser who will give you good honest advice, and not one that could potentially get you locked up!
You may or may not get a better deal, but at least you will not risk the more serious implications of a criminal record
PS - what you have stated you are doing is not a let to buyI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Even if you got the mortgage offer from HSBC, it would probably all fall apart with the legal side of things.
The solicitor will ask for proof that you have been living at that property, as part of money laundering requirementsI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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