Have tenants in a rented property, want to buy again

adamdynamic

Hey,

There doesn't seem to be a lot on the main MSE site about 'buying to let' so I'm hoping some people here might be able to help me out?

My situation is this:

- I own a house that I currently rent out
- The mortgage on that house isn't a 'buy to let' mortgage, it's just a 'normal' mortgage
- I want to buy another house (to live in with my girlfriend)

I'm assuming that I will need to re-mortgage the house I currently own with a 'buy to let' mortgage in order to have any chance of getting a mortgage on the house we hope to buy. I was wondering whether anyone here has been in a similar situation and might know of any good resources/things I need to know/be wary of/etc?

Any help or advice on this would be appreciated! I bought my house a few years ago now and it's been a long time since I looked at mortgages etc, I'd forgotten how overwhelming it could be!

Many thanks,

Adam

G_M

Whether you buy a new property or not, you should either get Consent To Let, or apply for a Buy To Let mortgage on the existing property. You are in breach of the terms of your mortgage agreement.

More here.

Werdnal

You shouldn't be letting your current property on a normal residential mortgage. Did you get consent to let from your lender? If not, they assume you are still living there - the clue is in the name - Residential means you should be resident, not living somewhere else.

Have you complied with all the other requirements of letting? Have you changed your insurance to a LL policy? Have you been declaring your rental income for tax? What about the legal regs surrounding your tenants - Gas safety certificate, EPC, deposit protection?

I think before you embark on buying another property to live in, you need to ensure everything surrounding your rental property is spot on legit and you are complying with the legal requirements of being a LL.

Get CTL or convert your mortgage to a BTL (if your lender will allow either), and then see if you can borrow again for your new property.