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Can I live in my buy-to-let property?

sunshine25
sunshine25 Posts: 47 Forumite
in House buying, renting & selling
I've had a renral property for a while which is on a buy-to-let mortgage and I have a residential mortgage on the property I live in. My employment circumstances have changed recently and I may need to move back to my btl property. What's the best way to approach this with my current lenders? I have evidence of my change in financial circumstances but have no idea if this is allowed. It would be for 3-12 months. Any advice would be great. Thanks
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Comments

  • Old_Git
    Old_Git Posts: 4,751 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    what do you intend to do with your main residence
    "Do not regret growing older, it's a privilege denied to many"
  • sunshine25
    sunshine25 Posts: 47 Forumite
    That will be rented out. It's two separate lenders.
  • Bimmermad
    Bimmermad Posts: 62 Forumite
    I dont think this will be a problem as long as you are able to afford the mortgage. Banks are not fussed if they receive their interest. IMO
  • Old_Git
    Old_Git Posts: 4,751 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Cashback Cashier
    ask your residential lender for consent to let .
    Expect any move to be 6 or 12 months not 3 .
    As for the BTL mortage I would leave it as it is .
    "Do not regret growing older, it's a privilege denied to many"
  • sunshine25
    sunshine25 Posts: 47 Forumite
    Should I not inform my btl lender? I'm not sure if there any laws again me living there temporarily. Thanks
  • booksurr
    booksurr Posts: 3,700 Forumite
    sunshine25 wrote: »
    Should I not inform my btl lender? I'm not sure if there any laws again me living there temporarily. Thanks
    to the extent it would be against the T&C of the BTL mortgage then yes it is "against the law", but hardly a criminal mater

    ethically you should ask them for their view, unless of course you are unethical
  • kinger101
    kinger101 Posts: 6,559 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Is your BTL currently tenanted? Is it a fixed term contract?
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • sunshine25
    sunshine25 Posts: 47 Forumite
    Yes it is but they are on a rolling contract now
  • silvercar
    silvercar Posts: 49,228 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Used to be a well known fraudulent tactic. Get a BTL mortgage when you didn't earn enough to get the mortgage you want. BTL mortgages are based on rental income not personal income. Then move in to the property.

    I can't see the lender being pleased, they gave you that mortgage because the rent was enough to pay the mortgage. Plus turning it into residential means it becomes regulated, so the lender has to 'treat customers fairly' rather than commercial lending. More paperwork, more care if you fall into arrears.
    I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • sunshine25
    sunshine25 Posts: 47 Forumite
    silvercar wrote: »
    Used to be a well known fraudulent tactic. Get a BTL mortgage when you didn't earn enough to get the mortgage you want. BTL mortgages are based on rental income not personal income. Then move in to the property.

    I can't see the lender being pleased, they gave you that mortgage because the rent was enough to pay the mortgage. Plus turning it into residential means it becomes regulated, so the lender has to 'treat customers fairly' rather than commercial lending. More paperwork, more care if you fall into arrears.

    Please be assured that we took the btl mortgage out when finances were different. We have had a change beyond our control so no fraudulent tactics have been used
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