let to buy but unable to move immediately?

fyang5

Hello from a first-time poster!

I currently have a residential mortgage on our main home. We would like to move to a bigger house and let out the current property, but this will require additional equity being released from the current property with a let to buy to go towards the deposit for the new residential mortgage on the new house.

I've worked through the different mortgage options with mortgage advisers and have no problem with the affordability. However I see a big problem in that the new house is likely to require some significant extension/renovation work and potentially un-habitable for 1-3 months following completion, so we wouldn't be able to actually move and start renting out the current property until the new house is ready. As far as I understand this would technically be considered mortgage fraud as we wouldn't be allowed to live in a property with a BTL mortgage.

Can anyone advise on potential solutions to this issue please? Or is it possible that lenders might be able to accommodate this arrangement if we are honest up front? If not, what's the chance of lenders finding out (and how might they) if we do stay on for 3 extra months post-completion?

Thanks!