How does it work switching to buy to let

mav7

Evening everyone. I'm new here and to using forums.

I just want to ask questions regarding my mortgage, I have a residential mortgage with santander which I've had a few years now and I'm not locked in to any product, my question is how do I go about switching it to a buy to let mortgage as I do not want to live there anymore, will santander make me remortgage or do they just change it to a buy to let for a one off fee and change the rate? Does there have to be a certain amounts of equity in the property or do I only have to worry about that if I have to remortgage to get a buy to let product? Mortgage is 131000 and rental is 775 to 800pcm.

Any help is much appreciated, thanks

GMS

You could ask Sanrander for Consent to Let. Generally the easiest way.

If you need to change to a Buy to Let mortgage then you would need to meet criteria. Rent woudl need to be 125% of the mortgage payment which will be tight based on the amount outstanding. Equity would also need to be sufficient and minimum income met as most BTL lenders have a minimum.

Speak to Santander first to see what they say.

mav7

GMS wrote: »

You could ask Sanrander for Consent to Let. Generally the easiest way.

If you need to change to a Buy to Let mortgage then you would need to meet criteria. Rent woudl need to be 125% of the mortgage payment which will be tight based on the amount outstanding. Equity would also need to be sufficient and minimum income met as most BTL lenders have a minimum.

Speak to Santander first to see what they say.

Hi, thanks for your quick reply, I did see some stuff about consent to let, is that for more temporary letting? I've not much equity in my property so I guess getting santander to swap my mortgage to a buy to let is out of the question. Thanks

Thrugelmir

Santander itself does not offer Buy To Let mortgages directly.

Though does through one of its offshoots that deals with broker orientated business.