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

Posted on 8 December 2013 by Rosemary


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

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?

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.

Regards,

Simon

simon.collins@johncharcol.co.uk

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