I have a investment property I want to move into. Would I be breaking any laws by moving into the house, eg when I purchased the house I told the bank the loan was for a investment property, however that would now be incorrect because when I move in, the house will became my principle place of residence ( I do understand there are tax implications by moving into the property).
Also the bank allowed me to borrow more for the investment property at the time then it would if I intended to live in the property due to rental income being taken into consideration.
I would have no problems servicing the loan as I would be moving into the property with my partner – we both earn good money.
Should I advise the bank I am now moving into the property ? I just want to make sure I am doing the right thing and not going to get myself into any trouble. Any advice will be much appreciated.Thanks
As long as you have a standard loan, there is no problem with you moving into the home. The bank won’t care as long as you make your repayments on time.
Robert Bou-Hamdan
Mortgage Adviser
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