Can I change my HSBC mortgage to buy to let?

I want to rent out my home If you have an HSBC residential mortgage and need to rent out your home temporarily, you can apply for our Consent to Let. If you’d like to rent out your property permanently, you’ll need to apply for a Buy to Let mortgage.

Can I remortgage to fund a buy to let?

You can remortgage and change your mortgage into a buy to let or you could remortgage your property to release money to buy a new property.

How long does it take to remortgage with HSBC?

How long does the remortgage process take? Remortgaging your home typically takes 4 to 8 weeks after applying. The amount of time needed will depend on your individual circumstances and remortgage needs.

How soon can you remortgage a buy to let?

Typically you can remortgage to a new deal six months after taking out your current mortgage. This means you will not be able to release equity for at least six months. If you wait for longer than six months you will have a better choice of remortgage with variable or fixed rate deals and equity options.

How much do I need to earn to get a buy to let mortgage?

Lenders will typically need the rental income to be at least 125% of the monthly mortgage payments (on an interest only basis), or even up to 145%, depending on a lender’s criteria. Most lenders will also require you to be earning an income yourself. Try the Buy to Let calculator to see how much you could borrow.

Is a remortgage cheaper than a buy-to-let mortgage?

If it puts you in the position to be able to buy a second property outright you may well find that a remortgage deal works out cheaper than the buy-to-let options on the market as residential mortgage interest rates are generally substantially lower than buy-to-let rates.

Can I remortgage to pay off debt?

Yes. You can remortgage to raise capital to pay off debts as long as you have enough equity in your property and qualify for a bigger mortgage either with your current lender or an alternative one. Moreover, releasing equity from your property isn’t the only way a remortgage can help with your debts.

Can I remortgage with the same lender?

It is possible to remortgage with your current lender, although this is usually referred to as a ‘product transfer’. A product transfer is not normally considered to be new lending (unless you take the opportunity to borrow an additional amount), whereas remortgaging with a different lender would be.

What is the 6 month rule with mortgages?

The 6 month mortgage rule is an area of lending criteria imposed by the CML (Council of Mortgage Lenders) with the intention of stopping you from remortgaging a property within 6 months of purchase. The 6 month mortgage rule also applies to purchases of a property that the vendor has owned for less than 6 months.