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

Cotswolds   Web Larger

Forbes has published a global ranking of stunning locations and one popular picturesque corner of the UK has nabbed top spot.

Budget Then And Now   Web Larger

Over three years after the Mini-Budget took place, we look at what the mortgage market looks like now, showing the difference in mortgage repayments.

Home buying shake up web larger

The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”

More borrowers ER web larger

Almost one in five equity release mortgages are now taken out to provide financial support to family.

Buyers purchasing sooner web larger

According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.

First payment higher web larger

It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.

Change locks web larger

Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?

Autumn budget predictions web larger

The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.