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converting residential mortgage to buy to let

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converting residential mortgage to buy to let

Let to Buy and Buy to Let

Converting residential mortgage to buy to let is known as let to buy , I will explain the differences between converting residential mortgage to buy to let ( let to buy) and buy to let.

Why Can I Not Just Simply Rent Out my House With my Existing Mortgage

Most lenders are very specific about property usage due to their securitisation , and as such many lenders do not like converting residential mortgage into buy to let or you buying a buy a buy to let as your residential mortgage. The lender may also not like this as it could be used to subvert the lender product criteria and therefore give you access to something that you are not allowed to have. In conclusion it is typically not a case of you cannot do it, just has to be done properly in a transparent and legal way .

Scenario Example

I want to be converting my residential property into a buy to let and purchase a new house ( let to buy) .

You will need to convert your existing house into a let to buy, it is a regulated product as you have lived in the property . Subject to the rent you may receive it may be possible to raise extra funds on the property and use as a deposit for your new property, with your new residential mortgage.

You will then have 2 mortgages

Mortgage 1, Let to Buy – converting your residential mortgage into a buy to let

Mortgage 2, New residential mortgage

Can you explain in simple terms the difference in converting residential mortgage into a buy to let ( let to buy ) and a buy to let

Buy to let
Where you acquire a new property for the sole purpose for renting out to 3rd parties

Let to Buy

Converting Residential Mortgage to Buy to Let

This is where you live in your existing property but now want to move , however you still want to keep your property that you have lived in and rent it out , this is know as a let to buy .

As sbl financial have access to over 155 plus lenders and as such we have products for all scenarios and credit types many of these products are not available on the high street or your existing mortgage broker may not have expertise in this area or access to these products either. At sbl financial we work with many clients helping them expand their property portfolio or out the box thinking to complex situations.

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Your home may be repossessed if you do not keep up repayments on your mortgage or loans secured on it.
The FCA does not regulate Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies.
The information contained within this website is subject on the UK regulatory regime and is therefore targeted at consumers based in the UK

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR LOANS SECURED ON IT. SBOWLING LTD T/A sbl financial 927268 is an appointed representative of Connect IFA Ltd 441505 which is authorised and regulated by the Financial Conduct Authority and is entered on the financial services register ( https://register.fca.org.uk/ ) under reference 927268.  Sbowling Ltd trading as sbl financial registered address is 36 Martinet Drive, Cherque Farm, Lee on the Solent, PO13 8GP. Registered in England No. 11599666.  The FCA do not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies.

sbl financial typically charge a minimum fee of £350 up front and £850 on completion, more complex cases may have a fee of up to 1.5%. Initial consultation is always free. 

It is our intention to provide you with a high level of customer service at all times.  If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to: Compliance Department, Connect IFA LTD, 39 Station Lane, Hornchurch, RM12 6JL or call: 01708 676110.  If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk. 

We conduct both regulated and unregulated business and therefore not all products provided through us are regulated by the Financial Conduct Authority. 

We offer a comprehensive range of mortgages from lenders across the market but not deals that you can only obtain by going direct to a lender.

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