If you own a home in York and are planning to rent it out, you’ll need to make sure your mortgage is suitable for Buy to Let mortgage in York.

A residential mortgage is designed for owner-occupiers, so if you’re moving out and turning the property into a rental, your lender needs to know, and your mortgage needs to reflect that change.

There are two main routes to make this happen.

One is to apply for consent to let, which is short-term permission from your lender to rent out the property while keeping your current mortgage.

The other is to switch fully onto a Buy to Let mortgage, which is more suitable for longer-term plans.

When is consent to let an option?

Some lenders may offer consent to let if you’re moving away temporarily and plan to return, or if you’re testing the rental market before deciding whether to invest long term.

It’s not available with all lenders, and it often comes with a fee or a change in interest rate.

Consent to let is usually time-limited, so it’s not designed for those planning to be landlords indefinitely.

If you’re thinking about letting your home for a year or so before selling or moving back, we can speak to your current lender and find out whether consent to let is possible and what conditions apply.

What if you plan to let long-term?

If you want to rent the property out for the foreseeable future, remortgaging to a proper Buy to Let product is usually the better route.

This involves switching from your residential mortgage to one designed specifically for rental properties. The lender will base the new mortgage primarily on the property’s expected rental income, along with your overall financial position.

This is a more permanent change, and it’s what most landlords choose if they’re letting out their previous home or starting a longer-term property investment strategy.

Do you need a new deposit?

If you’re simply switching your existing mortgage to Buy to Let, most lenders will base the decision on your current equity.

As long as the loan amount fits within the lender’s loan-to-value limits, you won’t need to put down a new deposit.

If you’re also buying a new residential property to move into, you may need to release some equity from your existing home to use as a deposit for the purchase.

This is something our mortgage advisors in York can help you plan in detail.

What do lenders want to see?

When switching to Buy to Let, lenders focus on how much rent the property could bring in, and whether that’s enough to comfortably cover the mortgage payments.

A rental estimate from a local letting agent is usually enough to support the application.

Your income, credit history, and any other financial commitments will also be taken into account, particularly if you’re applying for a second mortgage at the same time.

Date Last Edited: June 17, 2025