Can I change my HSBC mortgage to buy-to-let?

Once you’ve chosen a new mortgage rate, you can switch online if: you don’t need advice from our mortgage team. your current loan-to-value (LTV) isn’t higher than 90% for a residential mortgage, or 75% for a buy-to-let mortgage.

What deposit do I need for a buy-to-let mortgage?

25%
The minimum deposit for a buy-to-let mortgage is usually 25% of the property’s value (although it can vary between 20-40%). Most BTL mortgages are interest-only. This means you pay the interest each month, but not the capital amount.

How much LTV do I need for a buy-to-let?

How much LTV do I need for a buy to let? The minimum LTV that you need for a buy to let is 85%. This means that the minimum deposit you will need is 15%. We have multiple lenders who offer products at this loan to value.

How do I borrow a buy-to-let mortgage?

To borrow more, you need to make sure that you: have owned and let the property for at least 6 months. have been making full monthly payments on your mortgage for at least 6 months. have not been in arrears during the last 12 months.

How long does it take to get consent to let?

Typically, they will grant consent to let until the end of your fixed-term mortgage, but some lenders work on a 6 or 12-month basis. Once your consent to let ends, you should contact your lender to discuss next steps. They may offer to extend consent, or encourage you to switch to a buy-to-let mortgage.

Can consent to let be refused?

One typical situation where consent to let may be refused is if your mortgage account is in arrears. Where consent to let is granted, the lender will usually apply an administration fee, or put a loading on to your interest rate, or both.

Do I need a salary for a buy-to-let mortgage?

Most commonly, lenders will be willing to provide a buy to let mortgage with no minimum income to people who can supply proof of income that supports their lifestyle – which can be any amount, as long as your personal financial situation is self sustainable.

Can my son live in my buy-to-let property?

Pros and Cons of family buy to let There are a number of benefits of operating a family buy to let: You can let to family members and charge them a reduced rent. You can live in the property if you need to. It may solve a problem for your family.

Does HSBC give consent?

If consent is granted this will only be for 24 months. The customer will not be able to complete a rate-switch, change to the terms of their mortgage or apply for additional borrowing during the Consent to Let period.

Can bank refuse consent to let?

If you let your property without the proper consent from your bank, you may be in breach of your mortgage contract. The lender may threaten to repossess your property and could charge financial penalties such as: Additional interest charged on top of another rate you’re paying. A regular additional payment.