Switching To A Buy-To-Let Mortgage

If you have a residential mortgage on a property that you’d like to start renting out, it’s possible to switch your loan to a buy-to-let mortgage.

However, converting your mortgage from residential to buy to let isn’t your only option. There are alternatives that may better suit your circumstances.

In this comprehensive guide, we explain everything you need to know about switching from a residential to a buy-to-let mortgage, including how the process works, which lenders allow you to do it, other available options, and how a broker can help you get it done.

If you’d like to talk to someone about a buy-to-let mortgages for limited companies please call 01743 382002 or read on to learn everything you need to know.

Switching To A Buy-To-Let Mortgage

Speak to us about how to change to a buy-to-let mortgage.

With the unpredictability of the mortgage market, we want you to have complete confidence in our service, and trust that you’re getting the best available rate and the highest chance of mortgage approval.

If you’re concerned or confused about what to do next, contact us or call 01743 382002 and we’ll match you with a specialist who’ll give you the right advice for you and your circumstance.

LG Embrey Financial Planning are independent financial advisers based in Shrewsbury, Shropshire under pi financial ltd, authorised and regulated by the Financial Conduct Authority

Get started with switching to a buy-to-let mortgage.

Maximise your chance of approval with a specialist in buy to lets. To speak with us please call 01743 382002 or fill in the contact form below.

Can you switch a residential mortgage to a buy-to-let mortgage?

Yes. If you want to start renting out your property and you have a residential mortgage, it’s possible to change it to a buy to let one.

There are various reasons you may decide to start renting out your home, but the main ones are: you’re buying a new house, you’re moving to a new area or you’re relocating abroad, or you’re moving into another property with a partner.

When it comes to converting your mortgage, you may be able to switch to a buy-to-let deal with your current mortgage provider or you could remortgage onto a new deal with a different lender.

Is this your only option?

No. If you intend to move back into your property at some point in the future, you may be better off requesting ‘consent to let’ from your lender. This is when your lender gives permission for you to rent out a room in your home or the entire property for a short period of time, typically for 6-12 months.

Your lender may charge you an admin fee for this and they could alter your interest rate. However, some lenders will do it for no additional charge and will keep the terms of your original deal the same.

Do you have to stay with your current mortgage provider?

No. You don’t have to stay with your existing mortgage provider.

As with all remortgages, it’s worth looking into the deals on offer from your current lender. However, you shouldn’t accept one straightaway. Shop around and see what buy-to-let deals other lenders are offering. If you don’t, you could end up overpaying. Some lenders specialise in buy to let, so you could get a better deal elsewhere.

Just remember, if you exit your current deal before the end of the mortgage term, you may have to pay early repayment fees, which can run into thousands of pounds. So you need to weigh up whether or not it’s worth switching early.

An experienced broker is best placed to help you with this. They can review your circumstances and advise you on the right course of action.

Speak to us about switching an existing residential mortgage to buy-to-let.

If you’re looking at changing from your current mortgage lender to a buy to let mortgage, our specialists can help. All our advisors are fully qualified and authorised and regulated by the Financial Conduct Authority under pi financial ltd,. Registered address: Morfe House, Belle Vue Road, Shrewsbury, SY3 7LU, Company number 3556277, FCA 186419.

To speak with us please call 01743 382002 or fill in the contact form below.

How to switch to a buy-to-let mortgage

These are the steps you can take if you want to change from a residential to a buy-to-let mortgage:

Step one: Speak to your existing lender

Have an initial conversation with your current provider and let them know of your intentions. Ask them if they’ll let you switch to one of their own buy-to-let products (but remember not to accept any offer until you’ve shopped around). Also, find out if they’ll charge you any early repayment fees so you can factor those into your costs.

Step two: Find out how much rent you’re likely to get

Whether you decide to stay with your current provider or switch to a new one, your lender will carry out an affordability assessment to make sure you’ll be able to afford your new mortgage.

As part of their assessment, the lender will want to know your rental income forecast. You can get this from a local estate agent or letting agent, or from your vendor. The lender may require an independent valuation to verify this.

Rates on buy-to-let mortgages tend to be higher than on standard residential loans, so you should expect your monthly costs to go up.

Step three: Speak to a buy-to-let mortgage broker

If you want to make sure you’re getting the best possible deal and for the process to run as smoothly as possible, speak to a specialist buy-to-let broker.

A broker will be able to review your finances, suggest which lenders to approach – and which to avoid, and guide you through the application.

They’ll also have relationships with representatives from lenders so will be able to discuss your application with them and negotiate the best terms and rates.

Our free broker matching service can pair you with a mortgage advisor who specialises in helping people convert residential loans into buy-to-let mortgages. Get in touch and we’ll connect you with one of the experts we work with today.

Eligibility criteria

Each lender will have its own set of eligibility requirements. However, in general, this is what lenders will be looking at:

How long you’ve owned your property

You’ll struggle to switch to a buy-to-let mortgage if you’ve had the residential mortgage on your property for less than six months.

Where you plan to live next

If you plan to rent out your property and move into rented accommodation, this could be a red flag for some lenders. This is because buy-to-let mortgages are typically only given to people who have at least one residential mortgage.

Also, rental payments can be higher than mortgage payments, so lenders may be concerned there’s a chance you wouldn’t be able to meet your buy-to-let repayments, especially if your tenant was late paying their rent.

Your experience as a landlord

Not all lenders will require landlord experience but they’ll view you as lower risk – and perhaps offer your more competitive rates – if you’ve rented out properties in the past.

Get started by talking to us about transferring from a residential to a buy-to-let mortgage.

Maximise your chance of approval with a specialist in switching mortgages. To speak with us please call 01743 382002 or fill in the contact form below.

Praise from our clients.

I didn’t think I needed a mortgage advisor as I thought all the good deals could be found on the internet. I was proved wrong! I can’t thank Lucy Jones at LG Embrey enough. A great mortgage deal plus cashback. Took all the stress out of sorting a mortgage. Highly recommended.

Kev Davies

I cannot recommend Steve enough! I contacted Steve in April 2017 following a recommendation to advise me on getting a mortgage. I received a fantastic service from the start to finish of the process. Steve was extremely helpful, guided me and kept me updated throughout. Steve went above and beyond in my opinion and was extremely prompt. He is very down to earth, approachable and professional, which put me at ease as a first time buyer, and made the process stress free. When I come to remortgage, or require any further financial advice I would not consider using anyone else. Steve is excellent at his job, and genuinely cares for his clients and providing them a quality service.

Marie Hotchkiss

After recently trying to sort through the myriad of offerings for Equity Release Lifetime Mortgages currently on the market I went to LG Embrey Financial ,and was very grateful for Steve’s expertise and help in coming to a decision. The whole process was made so much easier by Steve’s quick, sensible and professional approach.

Richard Lancaster

Can you use a let-to-buy agreement to switch?

Potentially. This is when you switch the mortgage on an existing property to a buy to let mortgage, while at the same time releasing equity that you can put towards a deposit to buy a new home.

With a let to buy arrangement, you have two mortgages: a buy to let mortgage on your initial property and a standard residential mortgage on your new property.

This is a popular option for people who are switching to buy to let and hoping to take out a new mortgage on another residential property.

Speak to a buy-to-let mortgage broker

Switching to a buy-to-let mortgage isn’t always a straightforward process and if you choose the wrong deal, it could end up costing you a lot of money.

That’s why you should always seek advice from any experienced mortgage broker, specifically one who specialises in helping people switch from residential to buy to let.

To speak with us please call 01743 382002 or fill in the contact form below.

Get matched with a buy-to-let mortgage broker.

Looking for a broker who specialises in sourcing buy-to-let mortgages for limited companies? Our unique broker matching service can help. We’ll simply take a few details and will match you with the advisor who can accommodate – there’s no fee and no obligation, just the chance to have the expert guidance you need.

We work with plenty of buy-to-let mortgage brokers who specialise in limited company deals, so let us do the hard work for you.

To speak with us please call 01743 382002 or fill out the contact form below.


What happens if I don’t change my mortgage to buy to let?

If you rent out your property without obtaining consent from your lender or switching to a buy -to-let mortgage, you’ll be in breach of the contract between yourself and the lender and you could be forced to repay your mortgage straightaway in full.

You may also find obtaining finance in the future more difficult.

Can I live in my buy-to-let property

No, you can only rent it out to tenants. There is a case where . Living in it would be in breach of your contract and could result in the lender calling in the entire debt.

Do I need to change my insurance too?

Yes, this is recommended. Standard home insurance will not cover you against the risks associated with letting a property to residential tenants. There are specialist landlord insurance policies available for these scenarios and your broker can advise you on which one to choose.

FCA disclaimer

The content contained in this article is accurate to our knowledge and up to date at the time of writing. For the latest guidance please speak of the advisors. This site is not tailored to each reader so the information does not constitute as financial advice. All our advisors are fully qualified and authorised and regulated by the Financial Conduct Authority under pi financial ltd,. Registered address: Morfe House, Belle Vue Road, Shrewsbury, SY3 7LU, Company number 3556277, FCA 186419.

Why choose LG Embrey financial planners?

As an independent financial advisory firm, we provide clear, impartial, tailored advice. We provide financial advice to individuals, families and business owners to help plan for their financial future.


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pi financial ltd, authorised and regulated by the Financial Conduct Authority.

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