How let to buy mortgages work

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Let to buy mortgage advice

Let to buy mortgages allow homeowners to rent out their current property and buy a new residential home. A let to buy mortgage is a brilliant alternative to the standard moving process, not only do you save on estate agent fees because you don’t actually sell a property, you can keep both of the properties, which could appreciate in value, allow you to earn a rental income, and if need be, give you the option to sell the property at a later date if you need to free up your asset and release the equity.

It can also be a popular option for homeowners who have found their dream home and can’t wait for the lengthy process of selling their existing property. If you need to get the ball rolling quickly then this can be an amazing option, it is often overlooked by other advisors.

In order to secure a let to buy mortgage, you will need to provide evidence of the rental income you could secure on your current residential property, this will be stress-tested to make sure that it meets the affordability requirements on the let to buy mortgage.

It is important to note that a let to buy mortgage can generally only be used for a short-term solution. Therefore, if you choose to continue letting your existing property, you can just switch the let to buy mortgage into a buy to let mortgage, this will then be classed as a rental property, on a rental property mortgage.

Let to buy mortgages in some aspects can be more complicated than standard residential mortgages or buy to let mortgages. This is because you need to apply for both a let to buy and residential mortgage, ensuring that they both complete on the same day, which is something that we can help you with. On the other hand, you won’t need to deal with a sale and everything that comes along with that, such as estate agents and a long confusing chain of buyers.

Our friendly mortgage advisors offer free appointments 7 days a week and will provide you with expert, personalised let to buy mortgage advice, with details like how much you could borrow and which lender best fits your needs. If you decide that a let to buy mortgage is the right option for you, we will also manage your entire mortgage application through to completion, removing the stress and hassle from you.

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