Let to Buy
This is a remortgage solution that allows you to remortgage your current home with the let to buy, rent it out to tenants and take out a new mortgage on a new home for yourself. The borrowing amount generally depends on the income from the rental property and your financial situation.
How can we help?
We can take you through the process with ease and finding us was the first step, next is understanding more about the process.
Our job is to help you understand the process and to secure the right mortgage for your situation. As mortgage advisors, we have access to exclusive deals and we will do a mortgage comparison to determine the most appropriate option for you.
The team will guide you and be with you every step of the way, by handling the whole process from application right through to completion.
What is a let to buy mortgage?
This is a remortgage solution that allows you to remortgage your current home with the let to buy, rent it out to tenants and take out a new mortgage on a new home for yourself. The borrowing amount generally depends on the income from the rental property and your financial situation.
How does a let to buy mortgage work?
Applying for a let to buy means you need to apply for two mortgages, the let to buy mortgage for the previous property and the new mortgage for the new property. Most lenders offer this product so you may be able to stay with your current lender but if your current lender does not offer this product, we can find a lender to suit your needs. Once the remortgage has taken place the projected rental income will cover the repayments.
Would a let to buy mortgage be right for me?
This product is suitable for you if you can’t or don’t want to sell your previous home before buying a new one. This could be for any number of reasons, such as; if you’re away from your home for an extended period and will be moving back eventually if you are having trouble selling your home, if the value of your home has fallen and you want to avoid selling it earlier at a loss, or you want to move in with a partner but don’t wish to sell your home just yet.
What is required for a let to buy mortgage?
Like most mortgages, the criteria for lending will depend on the individual lender. That is why we are here to help you find the right mortgage with a suitable lender. You may need a minimum percentage of equity left in your old property after additional borrowing for a deposit on your new home. There may be an age restriction to apply for this type of mortgage. You must provide evidence that you are buying a second home and that you plan to rent out your current property. You may also need to provide an estimate of how much rent you are likely to generate from the letting, which could be provided by an estate or rental agent.
Portfolio landlords
We also have Portfolio Let to Buy Mortgage Solutions
If you have numerous properties in your rental portfolio and wish to refinance or expand your portfolio, speak to our specialist mortgage advisors. Our team will assess the type of rental you are looking at, what income is needed from the rent to make the deal work, and recommend the right lender and rate to fit your circumstances. Once you have found your property, we will submit the application and look to progress this to a mortgage offer as quickly as we can.