Buy to let problem

kittysboy

Hi, I took out a buy to let mortgage about 2 years ago on a property we were doing up to rent out. Due to our current financial situation we have had to move out of our own house and move into into this house. Does any one know how the mortgage supplier will react if we tell them. are they likely to to terminate the mortgage and evict us. Any help much appreciated.

Boozer

I posted the exact same situation few months back and could not really get an answer, general consensus was only the provider can tell you the answer, so i phoned them and was told that they would only change the type of mortgage to residential and not BTL, so it did not matter.
This was approx 6 months back, i still have not changed it and have stayed there for this time, nobody has asked any questions so far as the mortgage is still being paid every month.

Give them a call with the query, dont have to give them your name and see what they say.

g_attrill

It's difficult going the other way (residential to BTL) so at worst I think they will say it's no problem to live in there, you would just be paying a higher rate until you can (or want) to change to a residential mortgage. Either way, they will probably need to know.