Help please! I need to move into my BTL property

If it’s in your own name, can’t see a problem. I’ve moved between a few properties I’ve also let, never any issues. Not sure of the situation if it’s in a ltd company or if you have a mortgage though. Obviously tell all the relevant people like council tax, insurance, accountant etc.

My brother in law did this. Although its in your name, you must abide by all about the terms and conditions of your mortgage. BTL mortgages do usually have conditions around you moving in. But these vary hugely between providers. Eg No conditions/ no family can rent it/live in it without rent/limited only within first year of mortgage term/ without permission from mortgage provider/ etc

I believe this is because of the messy repossession/unpaid rent/ process when you mix family and business together!

You dont sound in a messy situation. Basically you will still pay mortgage and be in control of the property, and thats what they want to hear!

Just call your mortgage provider, they will take you through the process. My brother in law now lives permanently in his flat.

Residential and buy to let mortgages are regulated differently.

That’s why they don’t like you living in a property as a resident if you have a buy to let.

It may affect an insurance claim if you live there. I would be more worried about the insurance status.

On this matter, you need to tell your lender, and most likely they will allow you. You will also need to change your insurance to owner-occupier.

Are you locked in on a low fixed rate? I’m wondering if you have the option of remortgaging on to a residential mortgage – perhaps even with the same provider. All things being equal a residential mortgage is a bit cheaper than a BTL

No matter what you need to move into the property inform lender there will be a cost more than likely andi inform the insurance company that will incure a cost, but you need to be in you have no choice..

If the mortgage is a BTL mortgage read the Ts and Cs very carefully.
You should be able to move in BUT would need to change the mortgage to a residential one. Your mortgage lender, or broker, should be able to give you the timescale in which this would need to be done.

If your mortgage is a residential mortgage, with permission to rent the property out, just inform the mortgage lender that you are moving into the property and will no longer be renting this out. Also remember to notify the buildings insurance provider and you never know you might get a refund on your premiums.

In the first instance, speak with your mortgage lender and try to come to an agreement that you may live in the property. The lender’s decision will be based on whether your income is sufficient to meet their lending criteria, as previously the lender would have taken into consideration the monthly rental income when deciding how much to lend. Your mortgage lender will now consider your annual income to see if you can continue to make your repayments.
Alternatively, you can redeem the current mortgage and take out a residential mortgage. This is likely to be the best option for you as the interest rate is likely to be lower.
In any event, you must make your mortgage lender aware of your intentions as breaching your mortgage conditions could have serious consequences.

Thank you all for your comments and advice.