Can I change my home to a Buy To Let and then buy a new main residence?
Posted on 13 April 2013 by Mair
I have a mortgage of £72,000 and my property has been valued at £95,000. I would like to buy-to-let this property and buy another property which is £180,000. Would this be possible to achieve? We have a total annual income of £50,000.
Based on the initial income you've supplied, I don't see any reason why can't change your current property to a Buy To Let and then purchase a new main residence. The main criteria lenders look at is the rental income that the property is likely to generate. You can approach your existing lender for consent or if they won't grant permission, then we can look to move the mortgage onto a formal Buy To Let with a new lender.
Most lenders cap Buy To Let borrowing at 75% of the value of the property (there are a few that go higher), so I'm presuming you have some form of deposit for the new property elsewhere?
If you'd like to, I can arrange a convenient time for one of our consultants to contact you, and run though your options in a bit more detail? Please let me know if you'd like to do this.
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