Yes, you can change your mortgage to a buy to let mortgage in Essex if you plan to move out of your current home and rent it to tenants.
This is commonly known as a let to buy mortgage. Rather than selling your existing property when you move, you keep it and arrange the appropriate mortgage for letting it out.
You can then take out a separate residential mortgage for the property you are moving into.
There are a few different ways this can work, and the right route will depend on your existing mortgage, the rental income the property could generate and your plans for your next home.
Do I Need to Change My Mortgage Before Renting Out My Home?
If your current mortgage is residential, you should not simply start renting the property without speaking to your lender first.
Residential mortgages are intended for properties occupied by the borrower. If the property becomes a rental, you will normally need either permission from your existing lender or a mortgage designed for letting.
Some lenders may offer consent to let, which allows you to rent out your property while keeping your existing residential mortgage for an agreed period.
This can be useful where the move is temporary, though the lender may charge a fee, increase the interest rate or place conditions on the arrangement.
If you intend to keep the property as a longer-term investment, remortgaging onto a buy to let mortgage may be more suitable.
How Does Let to Buy Work?
Let to buy involves turning your current home into a rental property while buying another home to live in.
Your existing property is typically remortgaged onto a buy to let mortgage. At the same time, you arrange a residential mortgage for your new property.
The two mortgages are assessed separately, although lenders will take your overall circumstances into account.
The buy to let side will generally depend heavily on the expected rental income, while affordability for your new residential mortgage will be assessed against your income, commitments and other relevant factors.
Speaking to a mortgage broker in Essex can be useful here, as the timing and criteria of both mortgages need to work together.
Can I Release Equity From My Current Home?
You may be able to release some of the equity built up in your current property when remortgaging it onto a buy to let mortgage.
For example, the money released could potentially contribute towards the deposit for your next home.
How much you can release will depend on factors including the property’s value, your outstanding mortgage balance, the loan to value available and the expected rental income.
Releasing equity also increases the amount secured against the property, so the additional borrowing and associated costs need to be considered carefully.
How Will Rental Income Affect the Mortgage?
Buy to let lenders generally assess whether the expected rent provides enough coverage for the mortgage payments.
Rather than looking at rental income alone, lenders apply their own rental calculations and stress tests. The amount you can borrow can therefore vary between lenders even when the property and expected rent remain the same.
Some lenders may also consider your personal income alongside the rental calculation. This can become relevant where the rent does not quite meet the lender’s standard requirements.
Our mortgage advisors can compare these criteria when looking at your options for a buy to let mortgage in Essex.
What If I Already Have a Fixed Rate Mortgage?
Being within a fixed rate period does not necessarily prevent you from changing how the property is financed, although leaving your existing deal early could mean paying an early repayment charge.
The amount will depend on the terms of your current mortgage and how far you are into the fixed period.
It may therefore be worth comparing the cost of remortgaging now against other options, including consent to let where your lender permits it.
Will I Need a Deposit for My New Home?
You will still need enough funds to meet the deposit requirements for the residential mortgage on your new property.
If you already have substantial equity in your existing home, some of this may potentially be released through the buy to let remortgage. Alternatively, you may already have savings available for the new deposit.
Lenders will want to understand where the deposit has come from, alongside the wider affordability of the new mortgage.
What Else Should I Consider Before Changing to Buy to Let?
Becoming a landlord brings responsibilities that you would not have while simply living in the property yourself.
Alongside the mortgage, there may be insurance, maintenance, letting agent fees and periods without rental income to account for. There are also legal and tax considerations attached to owning a rental property.
For tax matters, including the potential implications of retaining your current home when purchasing another property, you should speak to a qualified tax advisor.
Getting a Buy to Let Mortgage in Essex
Changing your existing home from a residential mortgage to buy to let can be a practical option if you want to keep the property when moving home.
The process can involve two mortgages progressing alongside each other, so lender criteria, rental calculations, equity and affordability all need to fit the proposed move.
As a mortgage broker in Essex, we can look at both sides of a let to buy arrangement and search across a wide range of lenders for mortgage options suited to your circumstances.
Date Last Edited: September 9, 2026
