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

Buying a property, especially in the current climate, is a big decision for first time buyers. We have listed a few tips that can help you buy your first propertyy

Does the time of year make a difference in house purchases? The answer is, yes and no.

The popularity of buying a house can vary depending on various factors such as regional trends, how the economy looks, and of course personal circumstances. 

If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.

Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.

If you are struggling to get over the hurdle of saving enough deposit due to being in a rental property, but wish to purchase your own home, you may be able to with a 100% mortgage. You will need to meet certain requirements and be financially stable.

If you are looking at remortgaging your property but you are unsure whether it’s the right decision, we have listed five reasons why it might be for you.

As the cost-of-living crisis continues, many people across the UK are struggling financially, many of whom are finding it hard to get debt-free.

According to research by StepChange, there are five common reasons people don’t seek help and advice with debt concerns.

Friyay Rate Reviews

6 Feb 2024

Every Friday our experts search the market for the latest rates from every lender saving our clients some serious £'s!