Moving property

Buy to Let

Looking for an investment property that’s closer to home, or the potential of increased rental income from a new property? Whatever your plans, we'll do everything we can to help make transferring your current mortgage rate to your new property as soon as possible.

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Your options explained

We know that moving your investment to a new property can be tricky enough, without having to look for a new mortgage lender. When the time comes to move, we want to make it as easy as possible for you to transfer your existing Buy to Let mortgage rate.

As we already hold some of the information you’ll need to supply, you might find sorting the mortgage for your new investment property is easier than you think.

To keep it simple, we have two options you can choose from:

  1. Move your current rate and balance to your new property, avoiding any Early Repayment Charges (if applicable). If you need to borrow more you can do this on one of our property mover deals.
  1. Choose one of our property mover deals for the new mortgage. You need to make sure you’re not in a promotional period on your current mortgage, or be happy to pay any Early Repayment Charges.

Whatever option you end up taking, before paying back your existing mortgage (also known as redeeming), you’ll need to submit your application to transfer it to your new property. You’ll also need to complete the new purchase within three months of selling your current property. If you don’t do this, you won’t receive a full refund of any Early Repayment Charges paid, and you’ll need to select a new mortgage deal from our product range. There may also be restrictions on the Loan to Value (LTV) of the new property that you’re purchasing.

A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR THE PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Speak to us

If you’re thinking of moving your property investment, you’ll need to speak to us so we can assess your current financial situation.

As part of the application process, we’ll ask you to confirm:

  • The rental income you expect to receive from your new property;
  • Details of the new investment property you’re looking to purchase;
  • Details of your income and current financial commitments (including outstanding amounts and monthly payments).

To save time and make things as simple as possible for you, it’s worth having these details to hand before speaking to us. You can even schedule a call back while you’re getting the information together.

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A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR THE PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Affordability

It’s important that any Buy to Let loan is affordable for you, so that it makes financial sense and doesn’t put you at unnecessary risk.

To help make sure this is the case, we work out the affordability of a Buy to Let loan mainly based on the expected monthly income from letting the property to a tenant. In certain scenarios we may also be able to take into account your personal income, subject to our lending criteria.

The actual income generated (which must be received in £GBP) may be different, and can be affected by changes in the rental market over time. It’s worth noting that if this happens, you’ll still be responsible for meeting the costs of your loan and any additional costs from letting the property.

FAQs

 

A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR THE PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE