Changing to a Buy to Let Mortgage

Many homeowners eventually ask themselves, can I change my mortgage to a buy to let? The reasons vary: some want to generate rental income, others are moving elsewhere but prefer to keep their property, and some are beginning to build an investment portfolio.

Changing to buy to let mortgage terms is possible in many cases, but the process is not automatic. It requires careful planning, an understanding of lender requirements, and a clear view of your responsibilities as a landlord.

This guide explains how the process works, what lenders look for, and the benefits and drawbacks of switching.

Can you change your mortgage to a buy to let?

Yes, you can change your mortgage to a buy to let, but approval depends on your lender and circumstances. Some lenders may allow “consent to let”, a temporary arrangement that permits you to rent out your home under your existing residential mortgage. Others require you to remortgage onto a dedicated buy to let product.

If your current lender does not offer this option, you can apply with another provider. This typically involves a full application, a property valuation, and an assessment of the expected rental income.

Why consider changing to buy to let?

There are several reasons why homeowners ask can I change my mortgage to buy to let?

• You are moving to a new home but prefer to rent out your current property instead of selling
• You want to convert a second home or inherited property into a rental
• You are building a property portfolio as a long-term investment strategy
• You want to create an additional income stream through letting

In each case, changing to buy to let mortgage terms can unlock value from property that might otherwise sit unused.

How the process works

When you apply to change to buy to let mortgage terms, lenders will assess:

• Property value – confirmed through a valuation
• Equity or deposit – usually at least 25% is required
• Rental income – typically this must cover 125–145% of the mortgage payments
• Financial stability – including your wider financial commitments

If you meet these criteria, you may be approved to switch. Expect higher interest rates than with a residential mortgage, as well as possible arrangement fees.

Key factors to weigh up

Before asking can I get a buy to let mortgage or can I get buy to let mortgage approval with my current provider, you should consider:

• Affordability: Will the rental income comfortably cover the mortgage and other costs?
• Regulations: As a landlord, you will be responsible for safety checks, tenancy agreements and compliance with housing law.
• Tax position: Rental income must be declared, and rules on mortgage interest relief differ from those for residential borrowing.
• Future plans: Do you intend to keep the property long term, or is this a short-term solution?

Advantages of switching to buy to let

• Rental income that can offset mortgage payments and provide profit
• Ability to retain property while moving to a new home
• Opportunity to grow wealth through long-term property appreciation
• Flexibility to diversify your financial strategy

Drawbacks of switching

• Higher deposit and equity requirements compared with residential mortgages
• Interest rates and fees are generally higher
• Ongoing costs, such as letting agent charges, maintenance, and insurance
• Increased tax responsibilities and regulatory compliance

These drawbacks highlight why the question can you change your mortgage to a buy to let should be considered carefully.

Examples in practice

• Relocation: A professional moving abroad rents out their UK property under a buy to let mortgage to cover costs while away.
• Upsizing: A family buys a larger house but keeps their flat as a rental investment.
• Inheritance: Someone inherits a home and decides to let it, creating a new income stream.

These scenarios show how changing to buy to let mortgage terms can be a practical solution in different situations.

Tax and legal duties

Switching to a buy to let mortgage also means becoming a landlord. Responsibilities include:

• Declaring rental income to HMRC
• Ensuring compliance with safety checks for gas, electricity and fire standards
• Providing proper tenancy agreements that protect both landlord and tenant
• Meeting higher stamp duty rates if you purchase further properties

These obligations must be factored in alongside the financial aspects of borrowing.

FAQs on changing to buy to let

Can I change my mortgage to a buy to let if I still live there?
No. Buy to let mortgages are only for rental properties. If you live in the property, you need a residential mortgage.

Can I get a buy to let mortgage while keeping my own residential mortgage?
Yes. Many landlords own their home on a residential mortgage and also hold buy to let mortgages on rental properties.

Can I get buy to let mortgage approval with low equity?
Unlikely. Most lenders require at least 25% equity, though some may accept slightly less.

Do I always have to remortgage?
Not always. Some lenders may offer consent to let, but for long-term plans, a remortgage is usually necessary.

What if I rent out without switching?
Letting a property without permission can breach your mortgage agreement, leading to penalties or even repossession.

Final thoughts

Changing to buy to let mortgage terms can turn a property into a valuable asset that generates income and grows in value over time. It is a realistic option for many homeowners, but it requires careful planning, consideration of landlord responsibilities and an honest look at your finances.

If you are asking can I change my mortgage to a buy to let or can you change your mortgage to a buy to let, the answer is often yes. The best approach depends on your goals, property, and long-term plans. Envelop Finance can guide you through the process, helping you compare lenders, understand the lending requirements, and make an informed decision.