ok to live in my own BTL?

snickpan

I have now paid off my residential mortgage. I have a BTL that I'd like to live in - now that there is no residential mortgage to my name, am I ok to move into the BTL, and rent out my mortgage free place?

I'm in yr 3 of a 5yr Kent Reliance BTL mortgage - what options do I have? Could I get them to change the BTL to a residential, lower the interest rate (5.75% at the moment) it? Nice to get any tips before I start to ring lenders…

Thank you in advance

ACG

The terms would normally prevent it.

If you want to switch mortgage you will probably have ERCs even if you remain with them.

I dont think you can, but maybe see if it could be ported to the other property? But I think your options are going to be pay the ERCs, wait to move in or move in and risk them finding out and doing whatever they decide to do.

caprikid1

https://forums.moneysavingexpert.com/discussion/6660500/ok-to-live-in-my-own-btl

A great broker could save you a lot of leg work and get you the right outcome really easily.

silvercar

You can ask them, given you have repaid the other mortgage, they may decide you have sufficient income to afford it on a residential mortgage. Technically you aren’t redeeming the mortgage but asking to have one of the terms removed. They may agree.

—What happens if you do move in without their permission or consent? Probably very little, I’ve never heard of a lender going to court to gain possession where repayments have been made. You are breaching conditions, they could ask you to move out or to redeem your mortgage.