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  • Mortgages & Finance

    Living temporarily in my Let to Buy

    Hi

    We are on the brink of buying our first BTL. Well, not exactly. In my scenario our main residance will become BTL and the house we are buying requires renovation. In ideal world I would keep living in my BTL for few weeks until the other house is ready to move in but apparently this is a fraud. I do not want to expose my kids to worst living conditions when we move out from our house. Even though it is just a quick walk away it still be a bit of a shock for them.

    I thought who will know where I live anyway? And it is only few weeks.

    What to do? What are your thoughts?

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    You could ask your BTL lender for permission to remain in the property until your new house is ready to move in to, or you could hire a caravan or motorhome and live on the site of the new home, or you could contact a holiday let owner close to the new property and ask for a short term rental.

    Most lenders would want to see your new residential address before offering you a BTL mortgage on your existing residence and that would have been the time to explain the situation to them and get their permission.

    If it is only for a few weeks, it is unlikely your lender will find out you are still there, but you are taking a significant risk.  It's really up to you if you are willing to risk it.

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    I won't risk it then. The house is habitable but a little rough and there is no kitchen nor central heating but we can fix that within 1 week or so. We also just got AIP so fingers crossed it will all go smooth. Dealing with John Charcoal was great so far. They have been very helpfull and fast to respond.

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    You will be paying full CT on both properties until one is let

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    Excuse me please. I don't understand. Corporation tax?

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