This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

Conversion To Buy To Let Mortgage

Our Mortgage Service - Converting to a buy to let mortgage

Special features of what we offer include:

  • Specialist buy to let adviser team
  • Whole of market service - we work with a wide range of UK lenders
  • Access to leading market buy to let mortgage rates
  • Access to exclusive loan deals not available on high street
  • Fast turnaround - speak to us today if you need to move quickly
  • We have lenders who will take into account previous defaults and missed payments 
  • Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To investigate your mortgage options if you are switching from a residential to a buy to let mortgage call our mortgage team on 0117 313 7780 or fill in our call back form.

How to convert your mortgage to a buy to let mortgage

Sometimes your circumstances in life can change, you may want to move in with a partner or get an exciting job offer that requires you to relocate and as a result decide to let out your property, but that can leave the question of what to do about your mortgage. You may need to carry out a conversion to buy to let mortgage as if you let out a property using your existing arrangements you could find yourself in breach of contract with your lender.

If you are currently locked into the middle of your mortgage’s initial period it may first be worth contacting the lender and asking for a consent to let agreement, which a few lenders offer, this will allow you to rent the property on your current mortgage until the end of its initial period, there are fees involved but it could save you the charges involved for switching your plan midterm.

Consent to let agreements are often assessed on a case by case basis, where you need to prove that you wish to let your property out due to a change of circumstance and you did not originally purchase it with the idea of using it as an investment property.

If your lender does not offer consent to let agreements or your request is declined you will need to pay for the early redemption of your current mortgage as well as the costs involved for arranging a buy to let mortgage.

Buy to let mortgage conversion costs

You may find that the fees involved with buy to let mortgages are higher than you experienced on your previous residential mortgage. Buy to let mortgages generally incur higher arrangement fees as well as interest rates than their residential counterparts.

  • Providing a 20% deposit is a common requisite of buy to let mortgages with many providers, therefore if you do not currently have at least 20% equity on your mortgage you may be required to pay the difference when remortgaging.   
  • You will also need to pay a fee to the lender for a rental valuation of the property, they will not simply take your word for how much you think you could let the property for; many lenders require the monthly potential rental income to be at least 125% of the monthly mortgage repayment fee meaning your application could be declined if you do not have enough equity in the property to keep your monthly repayments within this bracket.

If you are thinking about a conversion to buy to let you may find that speaking to an independent mortgage broker who can research the whole market may be helpful - Call us on 0117 313 7780

If you want to find out more about conversion to buy to let you can fill in the form on the side of this page to receive a call back from one of the Fair Mortgages team who can provide a free initial conversation about mortgages, you may also like to use the calculator tool on this website to compare what buy to let mortgages may be available. 

A Complete Service

house icon

Call us on 0117 313 7780 or Request a Callback on converting to a buy to let mortgage

For a FREE initial conversation about your mortgage options complete our short enquiry form.

request call back

Please confirm your details

Extra information

The optional information below will help us to contact you

Our Services

A to Z of mortgage lenders