changing from resedential to btl

hackham

hello


I was just wondering if I can change from a residential mortgage to a buy to let with a different lender

basically own a property with a value of around £175 000 with a mortgage with Santander of £80000
I am looking to converting to a buy to let but I don't think I would qualify with Santander because of earnings
am looking to release around £22000
worst case scenario they value house at £170000 I would like to keep it at 60% ltv which would give me £102000
just wondering can I purchase a buy to let with different lender paying off Santander and releasing the capital
I plan to move in my parents house as they are often abroad
no debt earnings of £22000 pa and already own a buy to let of £98000 mortgage with value of £130000
have lived in my current residential home for 12 years
thanks for your time

dimbo61

Could you try your existing BTL lender?
you have history with them !

hackham

Yes would try with my btl lender. But it may sound daft but was just wondering can I get a btl mortgage and then paying my residential off. So getting 100k then paying the 80k residential off. Btl is around £220 interest only with rent at least £650. I would obviously need a good broker if it's possible