The ideal time to switch from a residential to a buy-to-let mortgage is when you are moving to a new home and plan to keep your existing property. This is a common progression for existing homeowners entering the buy-to-let market. Also, if you’re considering switching to a buy-to-let mortgage with a new lender, it’s financially
A bank solicitor is required, for all Buy-to-Let mortgages, for loan amounts greater than €75,000. The amount payable, for a standard Buy-to-Let mortgage, is €1,000 plus 23% VAT and outlay. This amount is payable by the Borrower (s) and must be paid directly to the banks solicitor prior to the release of the loan cheque. With Let to Buy you’ll be able to release equity from your property by borrowing at a higher LTV. For example, if your home is worth £200,000 and your mortgage is currently £130,000 you can borrow £150,000 and use that extra £20,000 as a deposit on the new property. You’ll then take out a standard residential mortgage with the same lender.
The buy-to-let mortgage is the same as those offered by traditional mortgage lenders and may span a term of 25 years or longer, depending on your circumstances. In the majority of cases, both the bridging and buy-to-let elements are taken with the same lender and underwritten simultaneously, although there are some exceptions.
Minimum income requirement – Personal income requirements don’t always apply to buy-to-lets but are more likely to in a let-to-buy scenario. The minimum requirement usually ranges between £15,000-25,000, depending on the lender. The property you’re remortgaging must provide a rental income of between 125%-145% of the repayments.

At the beginning of 2024, the average 2-year buy-to-let residential mortgage rate today was 5.95% and 5.91% for five years. Before the Bank of England started hiking rates at the end of 2021, you

Typically, buy to let solicitor fees will fall between £600 and £1,500. But the cost will often be greater for leasehold properties. We’re here to put you in touch with legal experts who will help you get the most out of your buy to let purchase. To find out more, start your enquiry online and we’ll take it from there. g7rnU.
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    • how to buy to let