Should I change to a buy-to-let mortgage

Ferrero

Hello,
For a couple of years I've been renting out my flat on a 'consent to lease'. Every year I have to fill out a form saying that I intend to one day move back. If I decide to no longer do this and move to a buy-to-let mortgage, what happens? Will I essentially be taking out an entirely new mortgage? Will I have to pay a load of fees? Are my monthly payments likely to be higher?
Thanks in advance.
(sorry, I've just noticed the missing question mark in the heading, but I can't seem to edit it. Here it is: ?)

kingstreet

Yes.

Possibly.

Possibly.

You will need 20% equity or more to be able to do so and the better rates/lenders tend to want more like 25%+.

Ferrero

Thanks for your reply. Sorry for my ignorance, despite having had a mortgage for years I really don't know that much about them.
There is definitely more than 25% equity in my flat, as a load of the mortgage is already paid off, but will I somehow have to come up with a new deposit for a new mortgage, or does it just switch, retaining my original deposit, and perhaps acknowledging what I've paid off in addition?

amnblog

Ferrero wrote: »

does it just switch, retaining my original deposit, and perhaps acknowledging what I've paid off in addition?

Yes, as you say. That’s about it.