How easy is it to change your mortgage buy to let

[Lottie991]

Am struggling to sell my house its been 5 weeks and 7 viewings and 0 offers.
I am more than fed up as I want to just move. Is it easy to change your mortgage to buy to let? Has any one done it?

Buy to let usually have a higher "deposit" so think 60/75% loan to value. They will also want to see that the "rent achievable" is 135/140% of the mortgage payment. Both of these used to be considerably lower.

We had enough equity in our home to apply for a "let to buy" that is a mortgage on our existing home (which we let out) and released the cash to buy our current home.

Speak to a whole of market broker. They can usually work out what is available to you in your circumstances.

Call your mortgage provider and ask hypothetically what would be the situation. Santander who I used in 2012 agreed subject to a 400£ fee if I remember correctly.

Ask your lender about permission to let. You keith nor need to change to a bit to let mortgage. We also did this woth Santander and fee us £95 per year.

Thanks for the replies everyone!

Have you not considered marketing your house at a sensible, realistic price that will achieve a successful sale?

5 weeks?! People sure do expect to sell houses very quickly nowadays!

It is at a realistic price sall74, I lowered it a couple of weeks ago by £10,000 its really good for what it is when comparing to the area but I'm just not getting the offers in, the estate agent said the market is really slow, but that he will get it sold, Santa'slittlemonkeybutler, I really would have expected at the very least offers, But I'm not, I feel like nobody wants it :/ I need to move away and it feels like its taking foreverrr

It gets a bit disheartening I suppose after a while, I wanted to discover other options I feel like its never going to go

5 weeks is nothing these days. And there's more to letting a flat than changing your mortgage to buy to let.

I think you have been a tad unrealistic as to how quickly stuff moves. Market has really really slowed cos of elections and general economic uncertainty.

Yes I know the estate agents told me that it was slow, Its a house not a flat Lonny.
Like I said just looking at other options as I have to be moved away by the end of the year.

Well by October really