I have been renting my old home since 2009 as I was unable to sell it and moved to another town due to work. At the time I changed my mortgage to a buy-to-let at the insistence of my lender. I am now moving back to my home town and want to live in my house and rent out the flat I bought when I moved for work. Can I just stay as I am if I inform the two lenders of the situation as it seems such a hassle, and expense, to change the mortgages around.
Whilst you might get consent to let for a short period on the flat from your residential mortgage lender, it is not possible to live in a property that has a buy to let mortgage on it, so you will need to refinance. If you don’t, and you move back into your old home, you will be breaking the terms of your mortgage, which could be considered fraud. It’s a hassle and can be costly, but you really don’t have any other option. Do get in touch if you need help - rates in both the residential and buy to let mortgage markets are extremely competitive at the moment and there are some great deals out there if you know where to look.
1st January 0001