Is buy to let for a live in lanlord possible?

Freedonian

Hi

Is it possible to get a buy to let mortgage to live in the house and rent out the spare bedrooms?

Any advice is appreciated

Thanks

Thrugelmir

If you intend living in the property. A residential mortgage may be more suitable.

Though can you afford the property without the rental income from the lodgers?

holly_hobby

Not STRICTLY speaking - but who would know .....

But, why pay BLT rates and mge fees, why not just get a residential mge & let out your room - under HMRC rules you can receive rent of £4,250 per annum tax free (halved if letting with ptnr). (with permission from the lender to let your room out of course - naturally !)

HMRC conditions are this must be your only or main residence

Holly

Leon_W

In a word, no.

The fact that you live there makes it your residence therefore a residential mortgage is required.

Freedonian

Thanks to all so far for your quick replies

My problem is that I can't get a big enough residential mortgage on my current income and I have to move out of my present home.

How do they work out how much you can borrow for a buy to let mortgage? Is it based on current income or the rental income that will be generated?

Yorkie1

holly_hobby wrote: »

Not STRICTLY speaking - but who would know .....

But, why pay BLT rates and mge fees, why not just get a residential mge & let out your room - under HMRC rules you can receive rent of £4,250 per annum tax free (halved if letting with ptnr). (with permission from the lender to let your room out of course - naturally !)

HMRC conditions are this must be your only or main residence

Holly

Firstly it will be mortgage fraud if you lie on the application form - that's far more serious than "not strictly speaking".

Secondly, I'd have thought the fact that the OP's correspondence address for the mortgage will remain at the property would be a give away for a start.