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Buy to let mortgage

(4 Posts)
travispickles Wed 20-Jul-11 18:12:24

not sure if this is the right place but am hoping for some advice. I called my mortgage provider today to ask a question about something and she asked if I was living in the house. I said yes, but just to do it up to sell it. She said that this is in breech of contract as I have a buy to let mortgage. Can I not even live in it temporarily to get it ready to rent out? Have a young baby, and am slightly worried that I will have someone on my doorstep throwing me out soon.

CogitoErgoSometimes Thu 21-Jul-11 09:53:09

You need to check the terms of your mortgage and I suspect that, if your lender is unhappy, then they may have a point. 'Doing it up to sell it' doesn't sound like 'buying to let' on the face of it. Did you let it out in the past?

travispickles Fri 22-Jul-11 16:43:59

Yes I rented it out until I became pregnant and then moved in as I was forced out of my rented accommodation at the same time as my tenant moved out. What can my lender do?

CogitoErgoSometimes Fri 22-Jul-11 17:18:23

Buy to let mortgages are usually more expensive than the ones sold to individuals for residential purposes. The more usual scam is therefore to take out a residential mortgage and let it out on the QT... not the other way around. Check your contract, contact your lender again, and see if you can convert the outstanding amount to a residential mortgage

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