Main Residence

Posted on 4 April 2012 by Nioola

I have a tenanted flat which I currently have a residential mortgage on. Whilst it is all approved by my lender, now that it is out of its fixed term they are saying I can either stay on their (expensive) variable rate, or move to a (more expensive) buy to let. As I also live in rented flat, could I not consider my flat to be my 'main' residence and therefore swap lenders to a new residential mortgage, which is much more cost effective?


Your main residence is where you live, regardless of who owns it.  Your choice is to remain with your existing lender or remortgage to a new lender on to a BTL mortgage.

Whilst your existing lender 's SVR might be expensive, you could well find that you are better off staying on that than switching to a BTL mortgage and I recommend that you speak to a local independent mortgage broker.  They will be able to look at the options available to you, including whether you should take a variable or fixed rate mortgage and then make a recommendation for the most suitable way forward.


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.

You are currently offline. Some pages or content may fail to load.