Can I Change My Mortgage To Buy-to-Let?

If your current mortgage is designed for a residence that you live in, but you want to start letting the property out to tenants, you’ll want to know whether you can change your mortgage to a buy-to-let one. We’re revealing all in this short guide.

If you plan on changing your main residence to a buy-to-let property, in most cases you will need to remortgage and move out of the property.

It can be worth checking with your lender first as they may be happy for you to let out your property with your current mortgage. However, you should get this verified in writing, and it may only apply short-term. But, in many cases, you should expect to remortgage.

Can I live in my buy-to-let property?

A buy-to-let mortgage is designed for landlords who let out the property to tenants. In most cases it will state in your terms and conditions that the property cannot be used as your main residence.

Should you need to move back into the property after acquiring a buy-to-let mortgage, you will need to inform your lender, and they may require you to refinance back to a residential mortgage. Failure to declare that you have moved in could result in you having to repay your mortgage – a situation that is best avoided.

If you are planning to be a live-in landlord, again, you should speak to your mortgage lender as they will be able to advise on the right course of action.

What about if you’re planning to let your home out as a holiday let?

With the surge in popularity of sites like Airbnb, you may well have considered renting your home out as a holiday let rather than with assured shorthold tenancy agreements. However, it’s important to know that most lenders will not agree to lend a buy-to-let mortgage for an Airbnb property. Instead, it may be worth consulting a specialist mortgage broker who can advise on mortgages that would be best suited to your circumstances.

Speak to a buy-to-let mortgage broker

Got more questions about buy-to-let? Speak to our mortgage broker in Northampton today to arrange your free initial consultation. Our expert advice is tailored to you, and we can help you find the right buy-to-let mortgage.