UK-Advice about Buy to Let mortgages and living in a house I have one on.?

[James D]

Does anyone know if I, as a home owner with a buy to let mortgage on it, am allowed to live in the property I have the buy to let mortgage on? If not, what could the consequences be?

[Carol B]

You are not allowed to live in a property that you have a buy to let mortgage on.

The consequences are that the lender can default on the mortgage and force you onto a different rate.

That is IF the lender finds out.

A lot of people do this, and as long as you keep your payments up to date, there would be no reason for the lender to check it out.

Think about how many millions of buy to let mortgages each lender has. They do not run around to each one to check who is living there. They dont care as long as their payments are being made.

Just keep your payments up to date!

[David K]

basically in theory if you already have the house on a BTL mortgage and the current tenants have moved out and you intend to move in as a short term arrangement then yes you can as a lender is unlikely to check as long as payments are still being made. if you want to make it a long term arrangement you will probably be fine untill you need to remortgage then you will run into problems as only a very small number of firms will allow family or the owner to occupy a btl property as it will mean having a regulated product as opposed to a unregulated product like most BTL mortgages are.

[Janie B]

If you move into your own buy to let property you will be able to change the terms of your mortgage. Contact your lender as the rate will be cheaper.

[The Drunken Fool]

if you let it to yourself, you are a tenant. just dont get into any arguements with yourself and kick yourself out onto the streets.