Moving Into My Buy-to-let Property

Posted on 8 December 2018 by Rosemary

I have a let-to-buy mortgage. What would I need to do if I wanted to move back into that property? Would I have to convert the mortgage back into a normal residential mortgage?

Do I need to convert the mortgage if I move into my Buy To Let?

Hi Rosemary,

The short answer is that 'yes' you will need to convert the mortgage back to a residential one. Your first port of call would be to speak to your existing lender to see if they'll grant consent for you to move back into the property and convert the current loan to a regulated mortgage. If they are a specialist Buy To Let lender, then it's unlikely they'll do so, and we'll need to look at doing a remortgage for you onto a standard residential basis. Depending on your exact personal circumstances, this is a fairly straightforward transaction.

It would be usful to know the figures involved, so that I can give you a better idea of how we can help you with your enquiry. If you'd like to talk further then please let me know, and I'll arrange for a consultant to contact and go through your options with you.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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