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Am I allowed to live in own btl property?


andy123

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Hi everyone,

I've been letting out my flat for about 3 years now with no problems, but have decided to move in myself with my girlfriend.

We've moved in properly now for about 3 months. Changed drivers license, bank details etc to this new address and everything is fine.

Problem is I still have a buy to let mortgage on this flat. I've looked around for a homeowner one but at the moment it's cheaper to stay with the BTL mortgage. The BTL mortgage is 1.75% above base rate, which is 3.75% interest I'm paying. I'm not going better or match that by moving anywhere else. At the moment anyway.

I haven't told my mortgage company about me moving in. I suspect it will be against the rules. My mortgage company still sends letters to my old address at my parents, which is fine.

Does anyone know if this is actually against the contract? I know that letting out a homeowner is, but not sure about the other way around?

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I did think there would be a clause somewhere. I guess I'm not allowed.

On the other hand, I've never missed a single repayment. Would they really be that bothered about me living there? I can't see it somehow. They be more concerned with other people missing their repayments. I'm sure there's no shortage of those at the moment.

And what would they do if they did find out? Go through the long and expensive legal process of chucking me out. I can't see that happening either.

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When you signed for the mortgage you signed to say that you and any family members would not reside in the property. If the mortgage company finds out I believe they can "call in the debt" or possibly cancel the mortgage. I would see if you can find the T&Cs for your mortgage to check.

The only easy way to get around it would be to let the property out to your girlfriend and have a tennancy and rent book in her name. That is the only way I can think that you could get around it.

Good luck.

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Yes, be careful....check your T & C's

If your not permitted the mortgage company will call in the mortgage and leave you high and dry.

Mel.

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