Can I get away signing up to a residential mortgage for a property that I intend to rent out (UK)?

Hi,


Can I get away signing up to a residential mortgage for a property that I intend to rent out as Buy to Let? This is intended for the UK.





To simply put it, the rates for standard residential mortgages are better than those that are buy to let.





The big question is, is it easy to get away with!





Any help would be appreciated.





Thanks


SQM.Can I get away signing up to a residential mortgage for a property that I intend to rent out (UK)?
The operative words here are ';get away with it';. If your intention is to rent this out with no intention to occupy the property what you are proposing is fraud. By committing fraud, not only can they come after you for the money (mainly the difference between what you will be paying in interest and what you should have paid) they can also put you in jail.





Can you get away with it? Maybe. If you don't and the prison you end up in has internet access, please let us know how your little sheme worked.Can I get away signing up to a residential mortgage for a property that I intend to rent out (UK)?
As others have mentioned, if you already own a home and don't plan on selling it- then you won't be able to finance this home as an owner occupied property in the first place.





If you rent currently and plan on buying this property only to rent it-then like the others said-you would basically be committing fraud-and you may either be penalized or the lender may call the loan due and payable. However, right now, banks, if they are collecting monthly mortgage checks- don't care if you are running a meth lab out of your house- as long as you are not foreclosing. If they called the loan due and payable and you can't pay it- guess what- they have fun foreclosure on their books- and certainly a loss when they try and sell the place. So you may be ok.





Plenty of people buy homes live and them- move into a nicer place- and rent their current place. Nothing illegal about it. There loan is not called - and they are free to rent it out. So there is always that.





Alternatively, if you can put a little more down, finance the property as an investment, and your rate won't be all that different.
You may get away for a little while, but as soon as they find out, not only will they call the loan due immediately, they may also charge you with mortgage fraud, in which case the Government will pay your rent for some time. ( In jail)
if you already own a house that you live in, you may have to prove you have a buyer for that or they won;t believe you