We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buy-to-let mortgage - when do I move out

thecatwithnotail
Posts: 9 Forumite
Owner occupier of my flat, and I'm about to complete on a flat I intend to move to. To fund the purchase of this second flat, I'm remortgaging the first (I own outright) on buy-to-let.
So, the deposit is coming directly from this remortgage. I've been trying for a seamless a transition as possible, but haven't been able to pin down dates until now, when suddenly the vendor wants completion.
Main question (I have a lot) - is how long do I have to move out of my current flat in these circumstances. Realistically I think the answer is "you can't live there at all", but pragmatically how long do I have before it's suspect?
Really I'm thinking I'll be out in a few days/a week after completing - of course there will be some time between completion and exchange where I should be out but can't...
Anyone been in this position and can explain how it should work?
EDIT spoke to solicitor, it's down to lender and mine will expect me out on the same day. Great.
So, the deposit is coming directly from this remortgage. I've been trying for a seamless a transition as possible, but haven't been able to pin down dates until now, when suddenly the vendor wants completion.
Main question (I have a lot) - is how long do I have to move out of my current flat in these circumstances. Realistically I think the answer is "you can't live there at all", but pragmatically how long do I have before it's suspect?
Really I'm thinking I'll be out in a few days/a week after completing - of course there will be some time between completion and exchange where I should be out but can't...
Anyone been in this position and can explain how it should work?
EDIT spoke to solicitor, it's down to lender and mine will expect me out on the same day. Great.
0
Comments
-
Buy to let mortgages are unregulated, therefore you will not be able to stay in the property, if you are asking would they know? probably not short term, but some lenders do now do further credit searches after a certain time, to check you have moved out.
Staying in the property could be construed as mortgage fraud if you were caught, so best to time completions simultaneously.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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards