The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.

Depending on your circumstances and your current mortgage lender, it is possible to convert your existing mortgage into a buy to let arrangement.

Sometimes, homeowners find themselves in situations where they want to make a change, such as moving in with a friend or partner who already owns a home or exploring a new location.

In these scenarios, retaining your current property and transforming it into a buy to let investment can be a strategic move, turning you from a homeowner into a landlord. This transition can offer long-term financial benefits by supplementing your income.

How to change your mortgage to buy to let in Essex?

If you’re considering converting your mortgage into a buy to let in Essex, the initial step is to communicate with your mortgage lender to ascertain whether this transition is feasible. Once confirmed, reaching out to a knowledgeable mortgage broker in Essex is essential.

This change requires remortgaging onto a new product, whether staying with the current lender or switching to a new one. Our experienced mortgage advisors in Essex will guide you through the process, ensuring you secure the most suitable deal.

Since you initially signed up for a residential mortgage, the switch entails a remortgage, subject to the lender’s buy to let criteria.

What criteria do I need to meet to change my mortgage to buy to let in Essex?

Before anything else, it’s typically required that you have resided in your property as a homeowner for at least six months. Beyond this period, various factors come into play, scrutinised by mortgage lenders.


The affordability assessment hinges on the rental potential of the property you’re converting. Lenders often stress-test the property to ensure that the rental income covers at least 125% of the monthly mortgage payment.

Equity in Your Home

While a deposit technically isn’t necessary for the new mortgage, you must have sufficient equity in your property to remortgage it into a buy to let in Essex.

Lenders typically expect 20-25% equity, though more may be required with a poor credit history. Additionally, you’ll likely need extra equity to cover the deposit for a new residence.

Credit History

Poor credit history may diminish your chances of securing a mortgage, but it’s not always insurmountable. Several mortgage options cater to individuals with adverse credit, including those interested in buy to let properties in Essex, however, recent credit issues might pose challenges.

Building up your credit score over time can enhance your prospects, especially as more time elapses since any past credit problems, like CCJs.

Type of Property

The type of property you intend to let out can impact the mortgage process. Financing options may be more limited for properties like HMOs or Holiday Lets, requiring specialised help from a mortgage broker in Essex.

Landlord Experience

Some lenders may be hesitant to offer products to first time landlords, while others have more flexibility. Our panel includes various lenders, some of whom cater to first time buy to let landlords. To explore your options further, speak with a mortgage advisor in Essex.

Can I live in my buy to let in Essex?

It’s important to note that living in a property with a buy to let mortgage is prohibited, constituting a breach of your mortgage agreement and carrying potentially severe consequences for you and your property.

Letting Out Your Current Home to Buy a New Property in Essex

Alternatively, you can explore let to buy as an option. This involves letting out your current property to purchase a new home.

The process mirrors buy to let arrangements, but you’ll be applying for two mortgages simultaneously. Your lender will assess your affordability for both mortgages, making sure you can manage both financial commitments.

How many buy to let mortgages can I have?

Whether you’re venturing into the realm of property investment as a new landlord or seeking to expand your existing portfolio, you may be curious about the limits surrounding buy to let properties in Essex.

While there isn’t a strict numerical cap on the number of buy to let mortgages you can acquire, the feasibility of obtaining additional ones depends on various factors, primarily the perceived risk to the lender.

To gain clarity on your specific circumstances and potential opportunities for further buy to let mortgages in Essex, it’s advisable to speak with a knowledgeable buy to let mortgage advisor in Essex.

For some homeowners, there’s the option of obtaining what’s known as a consent to let. Typically utilised for short-term arrangements, this allows your primary residence to be temporarily converted into a buy to let property.

Each lender may impose different restrictions, often within a range of 30 to 90 days per calendar year. It’s essential to communicate with your lender in advance to ensure compliance with their policies.

Speak to a Qualified Buy to Let Expert in Essex

For a comprehensive understanding of the pathways available for transforming your home into a buy to let property in Essex, consider scheduling a free mortgage appointment with a trusted mortgage advisor in Essex.

Our dedicated team at Essexmoneyman is equipped to evaluate your unique circumstances, provide insights into accessible deals, and offer tailored buy to let mortgage advice in Essex to address any queries or concerns you may have.

Date Last Edited: February 16, 2024