If I take out a buy-to-let mortgage, can I live in it?

ahfh1

First of all I'd like to say hi to everyone, as this is my first post!

My situation is I have a house bought on a residential mortgage (Property A). 2 tenants currently live in the property with me. I'd like to continue renting it out whilst I look to move somewhere else on my own (I've had enough of living with other noisy people!)

My mortgage lender (Alliance & Leicester) have said it would be fine to continue letting out the house by Consent to Let. However if I buy another property for myself to live in (Property , does that mean that it must be bought on a Buy-to-Let mortgage (because I have already bought Property A using a residential mortgage)? And would the lender be happy with me living in Buy-to-Let Property B even though I'm not letting it out?

Thanks, Andy

AndrewSmith

By offering you Consent to Let and you moving out and letting it, the property then becomes the equivelant of a buy to let.

You are then able to purchase another property using a residential mortgage as your principal residence, as long as it is your intention to live in it and not let it out.

If your new lender requires proof that the first property is in fact a buy to let, Alliance & Leicester will provide you with evidence of the Consent to Let which would be sufficient, as long as you have an Assured Shorthold Tennancy for the tennants.