Owner now occupies BTL property; advice re mortgagee?

[lilyrose]

Hi, I am new to this forum but need urgent advice. I notice most of the post on here are for people moving from residential to buy-to-let. My situation is different in that I have had a buy to let with GMAC for 2 years which was rented out to tenants. My circumstances have changed in that I am now divorced and therefore have had to move into my buytolet. It did not make sense to me to rent a different place for the same amount.

I informed GMAC who have told me I am in breach of my agreement and need to change to a residential mortgage. I fear I am not be able to get this in a timely manner. Does anyone have any experience of this or know what the penalties could be including legally. I really did not mean to break any laws.

I can afford the payments on the mortgage and already pay the utilities anyway as the property has been let out inclusive of bills.

[Poppy]

You're not breaking any laws by moving into your property. The issue is the buy-to-let mortgage agreement that you signed. If you intend to live in this property for the forseeable future as your own residence, then you need to speak to your mortgage lender to change the mortgage to a residential one or make some other arrangement that you are both happy with or apply for a residential mortgage with a different lender. If you think you are only going to live there for say six months, then you need to inform your mortgage lender. For simplicity and your wallet, it's best not to chop and change.

[lilyrose]

Thanks for the reassuring response. I will get back in touch with lender to see the way forward.