Buy to Let

Angie_Chapman

Hi
I have a house I'm looking to rent out whilst I'm working abroad. I do not need to get a new mortgage as my accommodation abroad is free. Do I need to convert my existing mortgage in to a buy to let mortgage?

Brighty

Yes

Or you can can ask your current lender to give you 'consent to let', but they could say no, depending how long you've had the mortgage, what the LTV is etc

Some lenders are more likely to give CTL than others, i found it very easy with Nationwide, they gave me a 3 yr consent, which i've renewed twice.

Lilla_D

I agree with Brighty - the proper solution is to take out a BTL mortgage (well, technically it's a let to buy, but if you go down this route, a broker would explain it all).

As an alternative, a consent to let can be obtained from most lenders once you lived in your home for at least 6-12 months and explain your reason for the request. Just beware that dependent on the lender you are with, they might only give it to you for a fixed period or until your current deal is finished and/or they may increase the interest rate (like Nationwide).