2 residential mortgages - allowing someone to live in one of the properties?

lesterxburnham

If I were to have 2 residential mortgages and would like to live in one of the properties and let someone live in another property free of charge - would that be legal? Could someone officially move into one of my properties and pay bills on their name while I pay the mortgage?

G_M

Read your mortgage agreement.

Most of them will require that you use the property as you main home though.

If you defaulted on repayments and they tried to repossess the property, they will want to know who they are evicting, and not want the added complication of unrelated people living there.

That's why BTL mortgage cost a bit more.

gettingtheresometime

lesterxburnham wrote: »

If I were to have 2 residential mortgages and would like to live in one of the properties and let someone live in another property free of charge - would that be legal? Could someone officially move into one of my properties and pay bills on their name while I pay the mortgage?

Surely you'd have to have a btl mortgage on the property that was to be rented but not rented?

Would you be a landlord all but name?

Thrugelmir

lesterxburnham wrote: »

If I were to have 2 residential mortgages and would like to live in one of the properties and let someone live in another property free of charge - would that be legal?

Then the purpose wouldn't be residential.

csgohan4

mortgage fraud is serious and will get you black listed and find it difficult to get credit. Be careful of going down this route, you would need to justify how or why you need 2 residential mortgages

AnotherJoe

I thought it was possible with a few lenders to get a second residential mortgage as long as you could show you werent evading BTL but we're helping a third party (so usually a relative)?

lesterxburnham

I am looking to buy second property and move there but can't convert current mortgage into BTL just now. I can apparently apply for consent to let though but just been wondering about my options if I won't get consent to let. Thanks for answers.

principlecounts

Buy as a 2nd residential property, designate a space and go live there from time to time. It will clear your conscience.

Caz3121

lesterxburnham wrote: »

I am looking to buy second property and move there but can't convert current mortgage into BTL just now. I can apparently apply for consent to let though but just been wondering about my options if I won't get consent to let. Thanks for answers.

will your income be sufficient to support both mortgages from an affordability perspective?

lesterxburnham

Caz3121 wrote: »

will your income be sufficient to support both mortgages from an affordability perspective?

yes, I'm safe on that front, why?

Mossfarr

I have a residential mortgage on a property I do not live in, my daughter lives in it whilst I live with my Mother (as she needs full time care).
This situation was declared when applying for the mortgage and did not cause any problem.
I was told by the financial advisor that you can have up to four residential mortgages if you want them!

csgohan4 - "mortgage fraud is serious and will get you black listed and find it difficult to get credit. Be careful of going down this route, you would need to justify how or why you need 2 residential mortgages"
A bit of a sweeping statement this one - have you never heard of holiday homes?