switching repayment mortgage to buy to let

[relentless]

Hi,

Im a first time buyer hoping to purchase within the next few months. I will be looking at buying a flat around £80000 In the West Midlands. I have 15% to put down.

My question is, if my circumstances change in the future and i end up moving in with my girlfriend, and even buying another house, what are my options if i wanted to let out the flat?

How strict are lenders when it comes to allowing this? What if i wanted to let out the flat long term? Are there any lenders less strict (can anyone suggest any?) or would i be forced to put down a large buy to let deposit when swapping mortgages (part equity?)? If rent covers the mortgage is that enough?


Input appreciated!

Many Thanks

M

[Dan_Manchester]

Dear relentless,

You can switch to buy to let's after your fixed period but will have to meet their requirements, i.e if at the time they want 40% deposit then you would need to make a cash payment to get to that level.

However, you don't always need to switch to buy-to-let as they might let give you consent to let and then you can switch to interest only which would probably be much cheaper.

As always, a financial adviser is the best person to guide you through your options. £50 spent now explaining your options could save you thousands in a couple of years to come

[Kaz]

Also, you will need to ask your solicitor to check the lease of any flat you intend to buy to make sure that it doesn't prohibit you letting it out to a third party.
Some leases specify that the flat is for owner occupation only.