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Buy to let

Niki86
Niki86 Posts: 3 Newbie
in Mortgages & endowments
Hi all,

I have a query regarding my mortgage which is a buy to let.

Does anyone know if you can be a live in landlord?

Thanks

Comments

  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    No you can't.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Mortgage_Mark_2
    Mortgage_Mark_2 Posts: 857 Forumite
    If you live in the property, it's your residence, so it's a residential property....
    I am a mortgage adviser.
    You 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.
  • Cornucopia
    Cornucopia Posts: 16,563 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You need a normal residential mortgage for that.

    Depending on the circumstances of your lodgers/tenants you may need the Lender's permission.
  • Niki86
    Niki86 Posts: 3 Newbie
    If you live in the property and change it to a residential mortgage are you allowed to let a floor from the property?
  • kwmlondon
    kwmlondon Posts: 1,734 Forumite
    I do know that when I happened to ask my mortgage company about having a lodger they got really very agitated and I had to back-pedal into saying that I was just inquiring. As it happens I, don't have a lodger, but I don't think my mortgage company would like it if I did.
  • Niki86
    Niki86 Posts: 3 Newbie
    If i remove myself from the mortgage and leave just my husband which lives overseas would that be okey?
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    Neither the borrower nor member of immediate family may be resident on a non-regulated BTL mortgage. If regulated BTL mortgage then family member permitted (I doubt that yours was regulated in view of the questions you are asking). "Letting a floor" is not 'a lodger'.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    Incidentally no way they are going to let you off the mortgage if other party (husband) is ex pat.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
This discussion has been closed.
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