converting to a buy-to-let-mortgage

libm

Hi, 
I am hoping to convert my current residential mortgage to a buy-to-let mortgage when I move to another part of the UK. 
How likely is it that my mortgage lender will agree to this, can anyone give any advice on how to go about this or share their experiences, please?  

Thank you!

theartfullodger

Weird though it may sound, different lenders have different procedures and rules.  Who'da thought!

Talk to your lender.  Likely to either offer " consent to let" - same mortgage -  for 12 months (er.. how'dyou get tenants out then, eviction ain't simple) or agree to a BTL but at higher interest rate.***

Also likely b2l will require higher % equity than a residential mortgage.

**** Interest rates: you (I presume) young folk won't remember what I do, Bank of England interest rates hitting 17% November 1979 under Thatcher's iron handbag.  Went up iirc some 7% in less than 9 months.  I had a for then large mortgage: luckily the building society only required 15%....

Happy days!

Done ANY training in how to be a landlord, and/or Landlord/tenant law?  Only 100+ laws and regulations to comply with.

caprikid1

You might just need consent to let, as has been stated it will all depend on the lender. You need to think carefully what the best approach is given the deal you are on etc. Is this a permanent move ?

Lots to think about here if  you have a great rate at a good LTV. Might be worthwhile speaking to a good whole of market broker prior to the lender.