converting residential to buy to let

keyboard

Hi all

I'm planning on calling on my lender about how much it would cost to convert to our residential mortage to a buy to let....


Any ideas how much this would cost?

AndrewSmith

Depends on the lender, amount of loan in relation to the property value etc:

First thing to do though is to call your existing lender and ask if they can grant you permission to let without altering the rate etc. Some will some won't. Most will charge an admin fee of, for example, £50-£100.