Can I change to a Buy to Let mortgage?

Posted on 24 September 2012 by Daniel


I bought a house with a mortgage in June 2010 when I was in the RAF. Last year, I was informed I was being made redundant on September 1st 2012, and am currently unemployed. However, I did get a substantial redundancy payout. I am now planning on converting the mortgage to a BTL whilst I live elsewhere. Will this be possible whilst I am not currently working? The expected rent will be about 90% of the mortgage, so I will be able to cover any difference easily, with or without work for a number of years.

Daniel

I do not think you are going to be able to find a lender willing to convert the mortgage on to a Buy to Let (BTL).  The vast majority of lenders want you to have a minimum earned income, which you don't have and/or require the monthly rent to cover the mortgage payments by at least 120%, which they don't.

I recommend that you speak to your existing lender and ask them for consent to let your property.

Peter

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