Living in my BTL – Consent required?
11:09 AM, 27th May 2022, 4 years ago
3
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I own one property which has a BTL mortgage on it. It is going to become vacant later in the year and it would be convenient for me to live in the property for about 8 months after which I will be moving to a different part of the country for work and renting a property myself?
I know the mortgage does not allow for me to live in the property, but what would happen if I did?
How would the mortgage provider know that I was living in the property and what might happen if they did find out?
Many thanks
Jennifer
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Member Since February 2011 - Comments: 3453 - Articles: 286
11:11 AM, 27th May 2022, About 4 years ago
Yes technically the correct answer is you should get consent.
Although, I do not think this will be a big issue for your lender.
Member Since September 2014 - Comments: 166
2:21 PM, 27th May 2022, About 4 years ago
It’s unlikely the lender will want to change the terms for a short period, so better to tell them. You’d be covered if your plans change and you’re unable to move when you expect.
Even if they do no checks, they might find out by accident – e.g. they write to your current address & the letter is returned, or when you sell the RTB and redeem the mortgage. The solicitor probably has a professional duty to report it to avoid being complicit in the fraud. Some might not be so conscientious but they’ll do a lot more business with the lender than your fees so it’s strongly in their interest.
Member Since October 2020 - Comments: 1178
5:55 PM, 27th May 2022, About 4 years ago
It would be mortgage fraud if you just move-in. You could try asking for consent but the lender may not give it.