REMORTGAGE FROM BTL BACK TO RESIDENTIAL MORTGAGE

keith69

I m 61 employed earning shy of 40k a year . My BTL is valued £340 k I still owe £208,000 am i likely to be able to make my BTL into residential mortgage as i am divorcing and will need to move into it.
With my divorce i am commited to spousal maintenance of £200 a month for the rest of her life.
Is there a minimum amount of time i need to keep my property once on residential mortgage before i can sell

user1977

Why would there be a minimum amount of time before you could sell? You can sell a mortgaged property whenever you like, as long as you can pay off what's owed (including any early redemption penalty). Is there a reason why you want to move into it? Bear in mind any existing tenant might not move it when you'd like them to.

DullGreyGuy

user1977 said:

Why would there be a minimum amount of time before you could sell? You can sell a mortgaged property whenever you like, as long as you can pay off what's owed (including any early redemption penalty). Is there a reason why you want to move into it? Bear in mind any existing tenant might not move it when you'd like them to.

Presumably they are thinking about capital gains tax?

No minimum time for it being your residence but there can be early redemption penalties etc unless you are moving the mortgage over to another property. 

silvercar

How long have you owned it? If you move into it, as your principal private residence, before selling then it should reduce your CGT bill - assuming it has gained in value since you bought it. There is no minimum time, though weeks rather than months could look a bit dodgy. Generally the sort of proof would be that your work, hmrc and your doctors have this as your registered address.

PropertyGuru_Wannabe

CGT still applies even if you move back into it. The amount depends on the time it was let out and the time it was your main residence. Hmrc will know as you will have done your self assessment.