Although it’s not illegal to live in your own buy-to-let property, if you do live in it you will be in breach of your lender’s terms and conditions. If you intentionally live in your buy to let property you could be committing mortgage fraud. If the lender finds out they may ask for an immediate repayment of the loan.
Do you pay more stamp duty if you own a buy to let?
The most common example is someone who owns their own home and is looking to invest in a buy-to-let property. How much might I pay? The additional stamp duty rate is payable on top of the normal stamp duty that you pay on any property. So, you’ll pay more stamp duty for a buy-to-let property than you would normally.
Is it illegal to move into a buy to let property?
Then again – while it isn’t illegal for you to move in – if it is a condition of your buy-to-let mortgage that it is let to tenants and not lived in by you, your lender could be within its rights to ask you to repay your mortgage.
When do you jointly own buy to let?
As soon as each of you gets your own professional representation that is often when the problems usually begin. This is simply because your lawyers are duty bound to maximise the outcome of the division of assets in your favour and that their advice to you will be pitched accordingly.
How can I live in my buy to let property?
In the first instance, speak with your mortgage lender and try to come to an agreement that you may live in the property. The lender’s decision will be based on whether your income is sufficient to meet their lending criteria, as previously, the lender would have taken into consideration the monthly rental income when deciding how much to lend.
What happens if my husband moves into my property?
It is likely that if your husband moves into one of the properties with a BTL mortgage secured against it that the mortgage conditions will have been broken. There is a risk that the mortgage lender will call in that loan. Before you look into the tax situation, please take professional advice.
