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we are thinking of moving back into our btl property. After speaking to our lender regarding how quickly we would need to convert the btl mortgage into a residential mortgage they said other than a breach on your account there is no other penalties or need to convert?? sounds strange. Anyone have any advice. Thanks 

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I have no experience of this but some points worth mentioning ......

* Interest rates on a BTL can be a little higher than a residential mortgage. So, putting any breach of mortgage terms aside for the moment.......it would make sense to do a back to back comparison to see which is cheaper.

* You would presumably want to make sure that a breach of mortgage terms is not going to adversely affect any future insurance claim you may need to make......buildings, contents, unemployment insurance etc, etc.

* You might also want to consider what would happen should your breach be discovered......would it affect your ability to make future mortgage applications ?

I suspect the best choice will turn out to be a transfer to a normal residential mortgage.


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