An ideal option for those wanting to hold on to a property, struggling to sell, avoid a chain or release equity.
Our experts will find the ideal let to buy mortgage for you.
Our advisors are available Mon-Fri from 9am-8pm, giving you plenty of opportunity to seek a quick overview of what deal you could get.
A dedicated team of mortgage experts will provide quality advice based on your personal circumstances, finding a specific product for you.
We’ve no tie-ins with certain lenders. As we’re fully independent and unbiased our focus is solely on finding the best option for you.
Don't worry...there's no obligation. We don’t ask for any payment until your mortgage deal is complete
Our team of specialists will guide you through the process of securing a mortgage, buying a home or taking out a loan – finding the very best deals for you and your family.
Let to buy mortgages are quickly becoming a popular long-term investment - and a smart substitute to a pension.
Also, if find yourself struggling to sell your home, or if it has dropped in value and you still want to move, you can hold on to the property as a nest egg for the future, whilst earning from letting it out.
Let to buy mortgages are a handy product which suit several situations.
They are a way of freeing up equity to invest in another property without having to sell your current one. In doing so, you will benefit from extra income by letting out your existing property to help cover your new mortgage costs.
They can also be a good option for couples who have moved in together, yet still both have their own homes. Equity can be released in both properties to help pay a deposit on a new home together, or families can look to let to buy as an investment for the future.
There are three main reasons why people choose let to buy mortgages. Firstly, you may not want to sell your current home in the current climate, especially if it has dropped in value, and you want to hold on to it until the market improves.
Secondly, let to buy allows you to free up cash by releasing equity. Finally, let to buy gives you the freedom to move or sell when you choose, rather than being tied up in a chain.
Understandably, like any mortgage product, let to buy mortgages have certain requirements. They may differ depending on individual circumstance, but usually they would require that you’re between 25 and 75 years old, a 25% deposit or equity and a monthly rental income of at 125%.
On top of this, you will need to be open to financial checks and assessments and have a credible credit rating.
Like any mortgage, a let to buy mortgage has its implications too.
Additional budgets for stamp duty, which increases by around 3% in fee for an ongoing purchase, as your second property, must be factored in.
There are also extra taxes to consider when letting out a property. A final point would be to beware of any landlord duties in which you could be forced to lay out monies for any forthcoming issues or periods of rental voids.
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