Change My Mortgage To Buy-To-Let, UK Rules, MariannaFS

The short answer to this question is yes.

You can change your mortgage to buy-to-let. However, this depends on your mortgage lender and personal circumstances. Many borrowers change their mortgages to buy-to-let and buy new property on mortgage.

Such a transaction is called a let-to-buy transaction.

If you want personalised advice from experts regarding this switch, we are here to help.

When Can I Change My Residential Mortgage To Buy To Let?

There can be many reasons for a borrower to switch residential mortgage to a buy-to-let mortgage. Some of the examples can be:

You buy a property, live in it for some time, and decide you want a move to different property then you can change your residential mortgage to buy to let.
If You may move in with a friend or a partner who owns a property then you may want to change the use of property to buy to let.
Some cases If you are struggling financially, and decide to move back with your family then you have a option to change use to buy to let.

Above mention are some of the reason why mortgage borrowers want to convert residential property into a buy-to-let (rental) property.

How Can You Change Your Mortgage To Buy-To-Let?

Before anything else, you should check if you are still in the fixed-rate period. If you have a fixed-rate deal with redemption fees, you will need to consider the early repayment charges. You can also wait for this period to end to make the switch.

Changing residential mortgage to buy to let can be done in few ways depend on your needs and circumstances.

Consent to Let:

One of the easy options is to get your mortgage lender permission to rent the property. This can be granted in only certain circumstances. You will need to apply directly to mortgage lenders for their permission to let. If they are satisfied, then consent to let is granted for fixed period usually 12 months.

Let to Buy:

Is essentially a remortgaging process. This is done when you are keeping the current property and buying a new one as residential home. You will need to end your existing deal and get a new buy-to-let mortgage for your property. You will need to switch to a new lender based on your circumstances. A mortgage adviser will help you make this decision.

Understanding Let-To-Buy

The let-to-buy situation arises when you want to let out your existing property to buy a new one. This is ideal for people who want to increase their income and move to a new property.

Many borrowers choose to port current mortgage to new home and get a let to buy mortgage while changing to buy to let.

Doing this can help them to save on better interest rates and not paying early repayment charges.

New mortgage is taken for your existing property (which will become buy-to-let), and the other one will apply to your new residential property.

How Consent To Let Work?

Consent to let is the permission asking your lender if you can let out your property while still being on a residential mortgage.

If you have a fixed-rate deal, asking your lender about this is a good option to save on early repayment charges.

Consent to let is a short-term arrangement. Long-term rentals often require you to remortgage to buy-to-let.

Mortgage borrowers need to approach their lenders directly to apply for consent to let.

Once approved your property can be rented. Usually many lenders do charge fixed fees for consent to let or increase the interest rates by 0.50% as a fees.

End of the fixed term of consent to let you will have to remortgage property to buy to let mortgage.

Key Criteria To Change Your Mortgage To Buy-To-Let.

Some of the important key elements need to be meet when changing residential home to buy to let.

Affordability

Here, your affordability will depend on the property’s rental income. Lenders will do a stress tests on mortgage amount required against the rent before giving approvals. They often see if the borrowers can make as much as 125% of their monthly mortgage repayment amount.

Property equity

You may not need to pay a deposit again. However, you should have enough equity in the property to remortgage it and get a buy-to-let deal.

Most lenders require you to have at least 25% equity. But some lenders can offer buy to let with 20% deposit too. This number will be higher if you have bad credit (it is still not impossible, though).

Credit history

If your credit history is poor, you will struggle more to switch to a buy-to-let mortgage. However, it is not impossible to do so. Our skilled and experienced mortgage brokers can find you suitable mortgage lender.

Property use type

The type of property use as buy to let you want to convert your home into also matters. For example, borrowers wanting to convert their houses to holiday lets or HMO properties often have limited deal options. However, working with the right local mortgage broker will help you get the right deal.

Landlord experience

Many lenders hesitate to give a buy-to-let mortgage to a first-time landlord. It will be easier for you if you already have some experience as a landlord.

If need Consent to let then the biggest condition is that you will need to continue with your residential mortgage for at least 6 months.

Some of the FAQS

Can I live in my buy-to-let property?

No, you cannot do that. Living in your buy-to-let property defeats the purpose of making the switch in the first place. This is considered a breach of the mortgage agreement.

How many buy-to-let mortgages can you have?

There is no limit to the number of buy-to-let mortgages or properties you can have. If you have an impressive portfolio, a high credit score, and a history of being a successful landlord, you can always expand your investment portfolio.

How difficult is it to change residential to buy to let ?

This can be complicated or straight forward depend on the situations like equity, rental income and personal circumstances. Mortgage expert can assist you through the change.

What are the fees involving in change from residential to buy to let ?

If new let to buy applications is needed, then some of the cost will involve:

Lender Fees or also called arrangement fees.
Valuations fees when remortgage to let to buy.
Legal charges when changing to buy to let.
Higher interest rates as buy to let would be little more expensive.
Any early repayment charges it may have involve.
Broker Fees if you choose not to work with Fee free mortgage broker.

Can lender refuse consent to let?

Yes on some occasions your lender can refuse to consent to let your property. Borrowers must satisfy the lenders requirements to obtain consent to let.

Summery

Whatever you needs are we can assist you. Our mortgage brokers have deep industry knowledge. While working on your mortgage requirements we will understand your need and secure the best mortgage deal.

Speak to our team to now how we can help with change of residential mortgage to buy to let.

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Can I Change My Mortgage To Buy-To-Let?