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can you live in your buy to let

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  • can you live in your buy to let

    I found this out today, when asked by a client if she could live in a property she owned which had a buy to let mortgage secured against it and would she need to tell the lender and what would be the consequences.

    It seems the answer will vary from lender to lender. Some simply said they didn't mind and that all she had to do was notify them of her new residential address.

    Others had a different view. Some said they would need to look at the case in detail and see if the mortgage was affordable, in which case she could live there without changing the product.

    One major buy to let lender took a much more difficult stance and said that by living in the property, it meant that the btl product could not be kept and that it would have to repaid and changed to a residential product. However, this would only be available if the client fulfilled their standard criteria and that if they didn't, then the mortgage would need to be repaid in full and remortgaged elsewhere, with early repayment charges payable.