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    • Outsider_83
    • By Outsider_83 5th Mar 18, 10:06 AM
    • 163Posts
    • 21Thanks
    Outsider_83
    Converting Mortgage from Residential to Buy to Let
    • #1
    • 5th Mar 18, 10:06 AM
    Converting Mortgage from Residential to Buy to Let 5th Mar 18 at 10:06 AM
    Hi,

    I am moving away with work for around one year and instead of selling my house I am considering renting it out. I am currently going into year four of a five year deal so I emailed my bank to ask them what I needed to do in order to convert the mortgage over. The email response was it was "It's ok as it is and I there is no need to do anything".

    I just wanted to confirm if this is correct advice as I thought there were procedures involved when doing this?
Page 1
    • ChrisBint
    • By ChrisBint 5th Mar 18, 10:14 AM
    • 45 Posts
    • 4 Thanks
    ChrisBint
    • #2
    • 5th Mar 18, 10:14 AM
    • #2
    • 5th Mar 18, 10:14 AM
    Hi,

    I am moving away with work for around one year and instead of selling my house I am considering renting it out. I am currently going into year four of a five year deal so I emailed my bank to ask them what I needed to do in order to convert the mortgage over. The email response was it was "It's ok as it is and I there is no need to do anything".

    I just wanted to confirm if this is correct advice as I thought there were procedures involved when doing this?
    Originally posted by Outsider_83
    If your bank has confirmed this is okay, then it is okay. You might want to request that in writing for peace of mind, but sounds good to me.

    My partner was in a similar position and your mortgage provider said it was okay and no need to convert to BTL.

    I believe the official term is consent to let.
    • AdrianC
    • By AdrianC 5th Mar 18, 10:18 AM
    • 17,383 Posts
    • 15,729 Thanks
    AdrianC
    • #3
    • 5th Mar 18, 10:18 AM
    • #3
    • 5th Mar 18, 10:18 AM
    Sounds like they're happy with Consent to Let (CtL) on your current mortgage - but I'd want it in writing. There's likely to be an annual charge, and they'll almost certainly want to review the tenancy.
    • Mossfarr
    • By Mossfarr 5th Mar 18, 12:50 PM
    • 479 Posts
    • 665 Thanks
    Mossfarr
    • #4
    • 5th Mar 18, 12:50 PM
    • #4
    • 5th Mar 18, 12:50 PM
    I was granted consent to let by my lender until the current fixed term ended (5yrs). They said they would review the situation then.
    There was a one time payment of 100 and they did not require any details of the tenancy.
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