We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buy-Let-Let And Residential Mortage
Options

pgamble
Posts: 1 Newbie
Hi,
I currently have a mortgage of £94k on a Property valued at £145k, I want to rent this property out and buy another property with my partner who also has a mortgage on her property. We would like to sell her property to fund the purchase on the property that we will both live in.
What implications does switching my property to a buy-to-let mortgage have on us getting a joint mortgage on our new home? We have a decent sized deposit for the new home and both have decent incomes.
Any advice would be appreciated?
I currently have a mortgage of £94k on a Property valued at £145k, I want to rent this property out and buy another property with my partner who also has a mortgage on her property. We would like to sell her property to fund the purchase on the property that we will both live in.
What implications does switching my property to a buy-to-let mortgage have on us getting a joint mortgage on our new home? We have a decent sized deposit for the new home and both have decent incomes.
Any advice would be appreciated?
0
Comments
-
Ask your current lender for consent to let first - if you are currently on a good rate, otherwise switch to a BTL if they will not allow this.
The BTL lender will need the rental income to support the requested mortgage, based on their rental calculation.
As long as the BTL is self financing i.e. rental income cover mortgage payment, then the lender for the new residential property should ignore this property in the background (different lenders require different levels of rental coverage).
Now there is other criteria to fit, but that in essence is how it works.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards