So, if you’re a property investor, can you live in a buy to let property that you’ve purchased, and more importantly, is it illegal to live in your buy to let property?
Much to some investors’ disappointment, it’s not possible to live in a buy to let property most of the time. There are, however, some exceptions.
For investors asking, ‘can I live in my buy to let property if I use a buy to let mortgage?’, the answer is no. If you’ve purchased your property with the help of a buy to let mortgage, then you can’t live in your buy to let property.
Living in a property that has been financed with a buy to let mortgage would leave you in breach of your mortgage terms, as these mortgages are designed for landlords and investors. For a property you want to live in, you need a standard mortgage.
On the other hand, you may be thinking, ‘I didn’t use a BTL mortgage, so can I live in my buy to let property?’.
If you paid for your investment property outright without the help of a mortgage, then it’s perfectly legal for you to live in your rental property for as long as you want.
This is because you already own your property and don’t have any mortgage payments to commit to.