Let to Rent - which mortgage type?

ttaylor

A question came to me earlier, regarding somebody who wants to let their property, in order to move to another area to rent.

If it was for more than 2 years would they have to convert the mortgage to a buy to let one? And is this possible, if it is their only mortgage?

Thanks..

kingstreet

They may be able to get consent to let from their current lender. Only the current lender can decide how long it wishes to grant consent and on what terms.

Remortgaging to a formal BTL may be an option. That will depend on loan to value, rent v interest and a host of other issues.

ttaylor

So it would be possible to change it to buy to let if they were not planning to move back in for a long time? I just thought I read somewhere that you need a mortgage already before you can get a buy to let one?

kingstreet

No. They need a residential property before they can buy a buy to let property. There is quite a difference.

You are asking if they can remortgage an existing property onto a buy to let product. That should be fine, even if they do intend to get a property to rent.

It's first time buyer and buy to let which don't mix well.

The question is, why would they WANT to change to a BTL if they didn't have to?