Switch Residential Mortgage to BTL

tobytoby

Hi All

I have a mortgage with the Halifax, they have gave me consent to lease/let. However when I asked them to actually port my mortgage from a 'residential' to 'official buy to let' they said they cant do that I would have to go to another lender.

What I want to ask is this, does anyone know of a lender where you can get a residential mortgage, and then port it over to a official buy to let with the same lender. The reason I ask is my sister is going to university in Bristol, and then when she leaves she wants to just switch it instead of going through another big hassle trying to port to a different lender.

Any suggestions would be helpful.

pramsay13

It shouldn't be a big hassle getting a btl mortgage with a different provider, no more than changing products with the same provider.

Find a broker that will advise and do most of the work for you if it is too onerous.

tobytoby

I just want to know the name of a lender that allows you to swap to buy to let without any hassle. not consent to let, i mean transfer to a official buy to let.

Thrugelmir

You'll need to apply for a BTL product. No lender is going to let you swop. As there'll be different criteria applied to that of a residential mortgage.

If you've previously applied for and then been CTL. Then switch to a BTL. The lender may consider that you lied previously. As CTL is only ever meant to be a temporary arrangement with the borrower ultimately returning to the property. Financial relationships are built on trust. No trust no relationship.