Buy to let question?

samson1313

At present i own a house out right, there's no mortgage on it at all.

I currently share the house with an old friend who pays me £350 per month, due to some health issues etc i've decided i need a change of life style so i'm thinking about buying a winterised static caravan on a residential site thats just over an hours drive away and spending probably 4-5 days a week there and just coming back to my home town twice a week to do some work (i'm self employed) so really i dont need a whole house i just need a room to crash in so i was thinking of offering my friend the house to rent cheap say £500 per month and just keeping one small bedroom for me for when i nip back so in a way the tables would be turned and i'd become the lodger!

Instead of getting a loan for the caravan i was thinking about releasing cash from the house by putting the house on a buy to let mortgage the house is worth aprox £125000 so i was thinking about taking £90000 out (i also owe aprox £18000 in loans which are manageable but still i'd like to clear them if possible) also in the near future i may invest some money into a further buy to let.

I was planning on doing everything properly with my friend with a tenancy agreement etc but would i be breaking any mortgage rules if i still occasionally lived in the same house that i'd put on a buy to let mortgage?

I'm just looking for a cheap option as i'm only going to be in my home town probably 2 days a week i dont want to rent a room in a shared house or flat so this seems like a good solution but i dont want to get into trouble with the mortgage lender.

Any advice or solutions are welcome thanks