Which mortgage lenders will let you go straight from residential to BTL

IAMIAM

If you are in a residential home with mortgage as owner occupier but want to keep and move the mortgage straight to a BTL lender...which lenders allow this?
HSBC - No you need to be an owner occupier somewhere to get a BTL mortgage....
Santander - No, if it used to be your own home....
The Mortgage Works - No, it needs to have been let for a minimum 6 months before we can give you a BTL mortgage....

Surely there are mainstream lenders who allow it?

[Deleted User]

IAMIAM said:

If you are in a residential home with mortgage as owner occupier but want to keep and move the mortgage straight to a BTL lender...which lenders allow this?
HSBC - No you need to be an owner occupier somewhere to get a BTL mortgage....
Santander - No, if it used to be your own home....
The Mortgage Works - No, it needs to have been let for a minimum 6 months before we can give you a BTL mortgage....

Surely there are mainstream lenders who allow it?

Why not just apply for a BTL mortgage straight away instead of a residential mortgage which you then want to redeem straight away to get a BTL with potential early repayment charges for the residential mortgage you never really wanted?

[Deleted User]

plenty.  a lot depends on the details though.  If you are moving out to a new property you will own you can apply for a Let to Buy mortgage with a new lender.  Most will want details of the onward purchase mortgage and both have to complete at the same time.   

The Mortgage Works will do Let to Buy mortgages that arent let yet but not a Buy to Let.    Subtle difference in name but massive difference in regulation and underwriting

IAMIAM

I am renting my owner occupier residential mortgaged house out that I bought years ago and will be pottering about deciding when and where I want to buy a second property...seems lenders don't like that idea....I will not be returning to the property. 

[Deleted User]

is it currently rented?  And what would be your living situation? 

There are some lenders who will let you move your mortgage to buy to let when you have lived in it previously. 

Is this the one you are remortgaging to hsbc?  Or is that one you currently live in?  If you will continue to live there then there are no issues. If you wont live there then whats happening to that one? 

IAMIAM

It is the one I have with FD. I have switched rate, so I can move it when ever the CTL will finish, but have noticed that I cannot move it to preferred lenders as they all stipulate the things above. I currently live in it and will be renting/potentially abroad until I decide where to buy again and return. I was hoping to buy pass the CTL and go straight to BTL with it. 

[Deleted User]

If you go to a lender with 3 months of rental receipts then you shouldn't have much problem as a non owner occupier.  If you go to one and you currently live in it and dont have a forwarding address that passes plausibility checks then you arent going to get very far

Btl and ltb criteria is a minefield compared to residential 

IAMIAM

Thats the problem, its almost like you have to leave the property and rent somewhere else and get rental income before applying for a good few months, OR buy somewhere as owner occupier at the same time as putting your existing property onto a BTL mortgage. Instead of just putting it straight to a BTL then moving out and renting elsewhere. 

[Deleted User]

You are coming at it from the wrong side.

You decide what you want to do with your next move first and then you go find a lender who supports it.

Lender A might be fine with doing a btl with you moving in with a friend but they might not be ok with you moving abroad. Lender B might be needed for that.  Lender C might be best if you are going to buy something else.

I have done plenty of cases where clients have moved out, not bought on, and rented the property immediately and got a ctl/btl mortgage.   Its not unusual.

It is impossible to get someone to give you a btl mortgage when you have no idea what you are doing after you move out.

So you might go to a broker and say. 'i am thinking of doing this and will either do x, y, or z. What deals are available for each of these circumstances?'