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
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 using equity release
7 days ago
Almost one in five equity release mortgages are now taken out to provide financial support to family.
Buyers purchasing properties sooner
9 days ago
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.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
What to do just before you get your keys
14 days ago
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?
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.
Landlords could face a new tax this autumn
29 Aug 2025
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
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 information
Trusted by
