Do I need a buy to let mortgage ?

[Spike]

My wife and I have decided to move out of our one bedroom owned property into a three bedroom rented property. As part of the process in letting our flat we were told that we need to get a letter from the bank giving us permission to do so.

When my wife contacted our bank to enquire about this letter, she was told that since we were moving out of the property, we would need to change our mortgage to buy to let.

Does this sound right ?

[Ardesco]

Yup

[ASB]

My wife and I have decided to move out of our one bedroom owned property into a three bedroom rented property. As part of the process in letting our flat we were told that we need to get a letter from the bank giving us permission to do so.

When my wife contacted our bank to enquire about this letter, she was told that since we were moving out of the property, we would need to change our mortgage to buy to let.

Does this sound right ?

Depends on your lender and mortgage conditions.

In my case with A+L as the lender they were perfectly happy (for a fee ) to give permission. This needs renewing every couple of years. BTL mortgages tend to cost you more.