Remortgage to buy to let

If you have a residential mortgage on a property you wish to rent, you will need switch it to a buy to let mortgage. To obtain this type of mortgage, a lender will firstly need to make sure that your property is in a fitting condition to be let. This includes checking that it has the relevant EPC rating, which cannot be an E or worse, suitable security, and no structural damage.

Your rental income will also need to cover between 125% and 145% of your mortgage payments, and some lenders may need you to have moved into another residential property. This may sound like an odd request, but this type of borrowing can be risky for lenders. Particularly, if the borrower continues to live in the property whilst earning income from their tenants. Effectively committing fraud. If you haven’t moved out of your property just yet, then there is no need to panic! We just need to know the circumstances, so we know which lenders to approach.