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Can I live in my buy-to-let property

chris098
chris098 Posts: 5 Forumite
Tenth Anniversary First Post Combo Breaker
in House buying, renting & selling
Hello,
We are planning to buy our second property that will require refurbishment. At the same time our current property will be remortgaged - there will be buy-to- let mortgage on it.
My question is: can I stay in my buy to let property until refurbishment is done?
I am happy to repay both mortgages for as long as it takes.
Can I negotiate with Bank how long I can stay in the buy-to- let property before actually renting it out?

Thank you in advance
Chris

Comments

  • user1977
    user1977 Posts: 17,005 Forumite
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    How long a period are we talking about? If it's a trivially short overlap then it's probably academic.
  • theartfullodger
    theartfullodger Posts: 15,496 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 6 October 2021 at 8:55PM
    Can yes, may no.

    As in I can drive at 90mph but may not.  

    Can as ,in it is possible, may as in it is permitted.


    But you could ask your lender to permit it.

    I have lived in 3 of my BTL properties, never bothered to ask permission.  But could have paid off the mortgage, cash, if found out.
  • chris098
    chris098 Posts: 5 Forumite
    Tenth Anniversary First Post Combo Breaker
    we are planning full refurbishment so project will take 6 months...
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The legal answer is no. You would in breach of your mortgage terms and conditions. BTL lending is unregulated, it's treated as a business rather than consumer transaction. 


  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Thrugelmir said:
    The legal answer is no. You would in breach of your mortgage terms and conditions. BTL lending is unregulated, it's treated as a business rather than consumer transaction. 
    Because it is. Running a residential lettings business IS a business.
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