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Is this buy to let?

flyer
flyer Posts: 2,293 Forumite
Part of the Furniture 1,000 Posts Name Dropper
in House buying, renting & selling
I own a house with a value of £270 000 and an outstanding BTL mortgage of £120 000. The tenants have left, and I plan to let my son and his partner live there rent free until they have saved sufficient money.

My current BTL mortgage is due to expire so, my question is, do I have to get a BTL mortgage or can I just do a normal remortgage?
Even if you are a minority of one, the truth is the truth.

Comments

  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    ask a mortgage broker
    there are second home mortgages out there, some prohibit occupation by family, some don't
    one thing for sure, it is not a "normal" residential mortgage since it is not your personal main home
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    flyer wrote: »
    My current BTL mortgage is due to expire so, my question is, do I have to get a BTL mortgage or can I just do a normal remortgage?
    A "normal" mortgage invariably requires you to use the property as your main residence, so no, it will need to be some form of abnormal mortgage.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Provided no money changes hands, nor any other kind of 'payment' which could constitute rent (renovation, decorating etc), then there is no tenancy.


    Son/partner would be 'Excluded Occupiers' with a licence to occupy.


    * BTL mortgages usually prohibit letig to family anyway
    * residential mortage usually requires occupancy as main home by owner
    * this is probably a 2nd home scenario with a licenced occupier.


    Speak to a mortgage broker.
    Similarly you'll need a broker for the insurance as similar definitions /restrictions willapply.
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