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.


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.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.