Living in Let-to-buy during refurbishment

sdd76770

Dear All,

I am in the process of buying a house (60% LTV). We will be letting out the current property (75% LTV ). However, the house would require internal alternation to extend the kitchen which may take around 2-3 months. So, we are thinking to live in the current property until the kitchen is extended. I just wondered that will it be allowed to do that or I will be breaching the lending criteria? I am more than happy to pay three month rent upfront to the lender if the let-to-buy lender gets suspecious. I have applied for the mortgage and have the best possible credit histroy so it will go through ( fingers crossed). Shall I inform the lender or it will cause unnecessary suspicion? I would really appreciate your thoughts and advice.....

[Deleted User]

sdd76770 said:

Dear All,

I am in the process of buying a house (60% LTV). We will be letting out the current property (75% LTV ). However, the house would require internal alternation to extend the kitchen which may take around 2-3 months. So, we are thinking to live in the current property until the kitchen is extended. I just wondered that will it be allowed to do that or I will be breaching the lending criteria? I am more than happy to pay three month rent upfront to the lender if the let-to-buy lender gets suspecious. I have applied for the mortgage and have the best possible credit histroy so it will go through ( fingers crossed). Shall I inform the lender or it will cause unnecessary suspicion? I would really appreciate your thoughts and advice.....

You'd need to read the T&C of your let-to-buy mortgage but I think most prohibit you from living in the property once the mortgage is issued.  I'm not sure why you would pay rent to the lender, the lender isn't a landlord.