Switching Residential To Buy to Let

BKD1972

Hi
I currently have a residential mortgage but I'm looking to move in with my partner. Rather than sell straight away I would like to remortgage but with a buy to let rather than a residential. Will I be allowed to do this if this is the only property I own? Are there still providers who allow this?  I'm nearly 50 and there is enough equity in the property to meet the criteria. 
Thanks for any replies

canaldumidi

You'll also ned to meet the salary/income criteria, but in principle, yes.

Speak to an independant mortgage broker.

Also read:

https://forums.moneysavingexpert.com/discussion/5180214/tenancies-in-eng-wales-guides-for-landlords-and-tenants/p1

housebuyer143

Yes, it's either consent to let that you need or a BTL remortgage. Most BTLs are assessed on the rent amounts rather than your own income. 

BKD1972

Thanks. I read that providers generally don't like allowing BTL unless you already own a property and want to buy another as a BTL. My alternative would be to just sell it but I'd rather hold onto it for another 10 years.

Mahsroh

BKD1972 said:

Thanks. I read that providers generally don't like allowing BTL unless you already own a property 

Some lenders do carry that policy but many don't. It's a bit of myth that it's "hard to get" to get a BTL when you don't own your own home. Yes, it limits your options but still lots of good products out there. 

theartfullodger

Yes you can. Lived in wife's house for many years but have BTLs.  Mortgage requirements (last time i went through process ) were at least £25k income not from property (pensions in my case) plus sight of other incomes and assets 

Depends on the lender.

Speak with a BTL broker.

Ever been a landlord?  Happy with risk?  You need both the financial and emotional reserves to cope with tenant-from-hell (or agent-from..) who doesn't pay for months whilst you pay mortgage and legal fees and repair costs.  For many months.

Plus the 'phone call/knock on door## at 10:35pm Saturday night informing you there's a leak from toilet onto sofa & carpet through ceiling.  Since 4 days.  Etc etc.  Big repair bills, taxes, etc etc

## Tenant will find you easily these days plus is entitled to your actual address.

NB make sure land registry deeds reflect your new address plus your email or you leave yourself open to tenant selling or remortgaging property using fake ID.

Happy days!

HotPantsCruiser

theartfullodger said:

Yes you can. Lived in wife's house for many years but have BTLs.  Mortgage requirements (last time i went through process ) were at least £25k income not from property (pensions in my case) plus sight of other incomes and assets 

Depends on the lender.

Speak with a BTL broker.

Ever been a landlord?  Happy with risk?  You need both the financial and emotional reserves to cope with tenant-from-hell (or agent-from..) who doesn't pay for months whilst you pay mortgage and legal fees and repair costs.  For many months.

Plus the 'phone call/knock on door## at 10:35pm Saturday night informing you there's a leak from toilet onto sofa & carpet through ceiling.  Since 4 days.  Etc etc.  Big repair bills, taxes, etc etc

## Tenant will find you easily these days plus is entitled to your actual address.

NB make sure land registry deeds reflect your new address plus your email or you leave yourself open to tenant selling or remortgaging property using fake ID.

Happy days!

Surely there are stiff penalties for that?

theartfullodger

Well, only if you get caught before the money is off and hidden beyond e.g. Dubai (other financial centres are available...)

If not, they'll be long gone....

HotPantsCruiser

What position would someone who bought such a property be in?

theartfullodger

F K.  Ask land registry.

Asking a lot of questions but yes, it is a "business" opportunity.

Google it, it happens.

GDB2222

theartfullodger said:

Yes you can. Lived in wife's house for many years but have BTLs.  Mortgage requirements (last time i went through process ) were at least £25k income not from property (pensions in my case) plus sight of other incomes and assets 

Depends on the lender.

Speak with a BTL broker.

Ever been a landlord?  Happy with risk?  You need both the financial and emotional reserves to cope with tenant-from-hell (or agent-from..) who doesn't pay for months whilst you pay mortgage and legal fees and repair costs.  For many months.

Plus the 'phone call/knock on door## at 10:35pm Saturday night informing you there's a leak from toilet onto sofa & carpet through ceiling.  Since 4 days.  Etc etc.  Big repair bills, taxes, etc etc

## Tenant will find you easily these days plus is entitled to your actual address.

NB make sure land registry deeds reflect your new address plus your email or you leave yourself open to tenant selling or remortgaging property using fake ID.

Happy days!

That would be a good idea in the long run.

In the meantime, set up an email alert at the Land Registry. It costs nothing, and you get notified if anyone attempts to register anything on the property. It's free, and you can register here:
https://propertyalert.landregistry.gov.uk/

Anyone letting out a property should do this.

To the OP: surely, what you want is consent to let from your present lender?