Can I Change My Mortgage to Buy-to-Let for My Home in Surrey?
By Samantha Young | Created on 3rd November 2025
Can I change my mortgage to a buy-to-let? If you’re relocating, or want to generate income from your property while you wait for market conditions to change, you may be considering renting out your former home. But you can’t let your property without the right mortgage type.
Property prices in Surrey may not be at their peak, but as reported in Property Investor Today, monthly rents have risen. If you want to let out your detached home in East Horsley, Thames Ditton terrace or apartment in Hinchley Wood then read on as we explain how to change from a residential mortgage to a buy-to-let.
Do you need a buy-to-let mortgage to let your property?
You can’t rent out a property on a residential mortgage, so if your property is mortgaged then you will need to change to a buy-to-let mortgage. However, if it’s a short-term situation then your lender may grant ‘consent to let’ for a limited time.
Is it hard to switch your residential mortgage to buy-to-let?
The process of changing your residential mortgage to buy-to-let is relatively straightforward. However, you could attract early repayment charges on your original mortgage deal, and you will need to pass more stringent affordability checks.
How to change mortgage to buy to let in Surrey
1. Decide on ‘consent to let’ or buy-to-let mortgage
Your lender can grant ‘consent to let’ under your current mortgage deal to rent out the property temporarily, usually for a maximum of 6 to 12 months. If you plan on renting to tenants in the long term, a buy-to-let mortgage is the more likely solution.
2. Check current mortgage conditions
Are there penalties for leaving your mortgage deal at this moment in time? Find out what conditions are attached to your current residential mortgage.
3. Test yourself against affordability & eligibility criteria
Try to get an approximate idea of whether you’re likely to meet affordability and eligibility criteria for a buy-to-let mortgage – a mortgage advisor can help. Buy-to-let mortgages are usually interest only, but their criteria are more stringent.
4. Find a BTL lender & apply for a mortgage
Your mortgage lender may offer to switch your residential mortgage to buy-to-let, but a mortgage broker can connect you with a wider range of deals from other lenders. Once you’ve found a deal with interest rates you are satisfied with, apply for the mortgage.
5. Accept offer & complete remortgage
If all goes to plan, accept the mortgage offer and complete the mortgage, then begin preparing for your first tenants.
6. Make your property compliant for tenants
As a landlord, you need to comply with current legislation. This includes arranging an energy performance certificate (EPC) and safety certificates, following fire safety regulations, carrying our right to rent checks for new tenants, and more. Fortunately, a good local estate agent can arrange many of these services on your behalf.
7. Be aware of future tax obligations & reliefs
You will have to declare your rental income to HMRC on the self-assessment tax return, and potentially the government’s upcoming Making Tax Digital scheme. Landlords can deduct eligible business expenses, and claim a 20% tax credit on mortgage interest payments. If you do sell the property in future, as a rental property it will incur capital gains tax.
What are the eligibility criteria for a buy-to-let mortgage in the UK?
Most UK buy-to-let lenders have similar eligibility and affordability criteria, often along these lines:
Deposit of 25% or more
Interest Coverage Ratio (ICR) of 125% or more
Over 80 years remaining on the lease
Good credit score
Over 21 years old
Under a certain age, often 80
Minimum earnings from other sources
How much deposit do I need for a buy-to-let mortgage?
Expect to provide a 25% deposit or higher to secure a buy-to-let mortgage, with cheaper deals requiring around 40%.
Will I pay early repayment charges if I switch my mortgage to buy-to-let?
If you are switching to buy-to-let during the fixed rate period of your mortgage term, you are likely to pay early repayment charges. Read the terms and conditions carefully.
Do I need my lender’s permission before letting my property?
Yes, always consult your lender before letting your property or you could invalidate the terms of your mortgage. Even as an ‘accidental landlord’, it would be considered mortgage fraud.
How much rental income do I need to qualify for a buy-to-let mortgage?
Lenders usually want rental income to cover 25% more than your monthly mortgage payments.
What documents will I need when applying for a buy-to-let mortgage?
The documents you need in order to apply for a buy-to-let mortgage typically include:
Photo ID
Proof of address
Payslips and bank statements
Can I get a buy-to-let mortgage if I am a first-time landlord?
Yes, you can – and it can be easier to secure a buy-to-let mortgage as an existing residential mortgage holder. An excellent grasp of the financial and practical expectations of being a landlord may help.
Are buy-to-let mortgages interest-only or repayment?
Buy-to-let mortgages are usually on an interest only basis, with the balance repaid at the end of the mortgage term.
What are the typical costs and fees when remortgaging to buy-to-let?
The costs of remortgaging a property to buy-to-let may include:
Early repayment charges
Arrangement fees
Brokers’ fees
Administration fees
Solicitors’ fees
Do I need landlord insurance when switching to a buy-to-let mortgage?
Landlord insurance is generally not a requirement, however, it is strongly recommended to cover your commitments if things go wrong.
Can I switch back from buy-to-let to a residential mortgage later?
Check the fine print carefully as lenders can restrict your ability to switch from a buy-to-let mortgage. It’s generally simpler after the deal period ends.
How long does it take to switch from a residential to a buy-to-let mortgage?
It can take 4-6 weeks to switch. The process may be faster if you’re staying with your existing lender, and longer if you are going to a new lender.
Should I use a mortgage broker to remortgage to buy-to-let?
Mortgage brokers can be valuable as they can narrow the options down to fit your criteria, and access deals that are not otherwise available.
Curious about changing your mortgage to buy-to-let?
There are hoops to jump through as with all mortgage matters, but changing to a buy-to-let mortgage can be a relatively straightforward process. If you are considering renting out your property in Claygate, Esher or Cobham, contact Davies Property Partners to discuss our landlord services.
I have worked in the lettings industry for over 6 years now, having started out as a viewing assistant whilst at university, which is where I developed a real passion for matching the right home to my customers. I know the South West London and Elmbridge markets really well as I live locally and also attended Esher College.
