The simple answer is no. At least, you can, but it’s a very bad idea.
For a start, if you let out your property and it is subject to a normal mortgage it’s highly likely that you are in breach of your terms and conditions and are likely to be committing mortgage fraud!
Of course, if you have no mortgage, you can do what you’d like, although it’s worth noting that failure to declare this fact to your insurer may well invalidate your insurance.
Buy to Let mortgages are created specifically for investors. Their terms are different. Generally, they are more expensive and the LTV (Loan to Value) is usually less. There are other requirements including a rent cover provision and the usual affordability tests.
If you do end up in breach you need to be aware that there are several harsh penalties including being required to repay the mortgage in full, financial penalties or higher interest rates.
Sometimes, if your circumstances suddenly change, your residential mortgage lender may give you “permission to let” for a short period. Some lenders may charge for this.
If you would like more advice on buy to let mortgages, feel free to contact Mortgage Required on 01628 507477 for advice.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.
More than a quarter of UK adults in long-term relationships (26%) have reported that despite living together, they keep their finances separate from one another.
There has been a rise in both rent and mortgage costs over the last three years, with renters seeing a greater increase in their monthly payments than those with a mortgaged property.
Delayed Start Mortgages
15 days ago
The new Delayed Start Mortgage launched by Skipton Building Society allows first time buyers to postpone the first three mortgage payments. This product has been designed to help soften the blow of moving in costs for first time buyers.
Green Mortgages | Rewards and Benefits
17 days ago
Mortgage lenders are starting to recognise their “Green” responsibilities when it comes to the different products they offer.
A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.
When will mortgage rates fall further?
27 days ago
Analysts are predicting further rate cuts this year, with the next one possibly coming down to 4% when the Bank of England’s Monetary Policy Committee meet on Thursday 7th August 2025.
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
More information
Trusted by
