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We’re not a comparison engine. We have real people doing the hard work for you, taking away the stresses and worries surrounding let to buy mortgages.
Award Winning Buy to Let Mortgages
We’ve been recognised for our fantastic let to buy mortgage products and deals and we’re striving to be even better.
Our great relationships with our lenders means we have access to a multitude of let to buy mortgage deals, including exclusives.
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No hidden charges here. You’ve nothing to lose by letting us find a let to buy mortgage deal that suits you.
Let to buy mortgages are quickly becoming a popular long-term investment and a smart substitute to a pension. By holding on to your property and letting it out, it can provide you with a healthy nest egg for the future. What’s more is that they prevent you from being in a chain, should you choose to sell.
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.
There are three main reasons why people choose let to buy mortgages. Firstly, it may be that you do not want to sell their current home in the current climate. 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.
A frequent user of the let to buy mortgage product are couples who have moved in with one another, yet both have their own homes. One option is to release equity in both properties with ambitions of placing a deposit on a new home together. However, a lot of families look to let to buy as an investment for the future.
Typically, mortgage lenders will release up to 75% of the value of your current property on a let to buy basis. For example, if your property is worth £200,000, and your current mortgage is £100,000, you could acquire an extra £50,000, in equity, to put towards your next home. Although let to buy mortgage providers will always assess each individual circumstance, before making a decision.
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.
If you find yourself in a position in which you are struggling to sell your home, or if it has dropped in value, but you still want to move, then a let to buy mortgage could be perfect. Let to buy mortgages provide extra possibilities for those who are in a position to take the next step on their homeowner journey.
The complexities of mortgages are no secret. A let to buy mortgage has its implications too. Make sure you factor in additional budgets for stamp duty. Stamp duty increases by around 3% in fee for an ongoing purchase, as your second property. 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.
The process of securing a let to buy mortgage, and choosing the right mortgage deal, requires a lot of research, we appreciate that. That’s why, here at MortgageKey, our industry experts take the time to compare and search through thousands of let to buy deals from leading providers to present you with the options they believe are right for you and your property.
Firstly, there is no obligation, or fees, for our friendly advice or quotes. Secondly, you can benefit from our years of experience and lasting relationships with a comprehensive range of lenders. Finally, our expertise and knowledge with help you to familiarise with even the most complex mortgage procedures.
Relieving you of the stress and complexities of let to buy mortgages is high on our agenda. We have the people in place to do the hard work for you. The constant changes in our industry mean we always have our finger on the pulse, keeping you are as up-to-date as possible so that you can make the right decision.
By keeping a close eye on the market, and through regular activity with our lenders, we are perfectly poised to identify which providers are best suited to your individual circumstances.
Our mortgage advisors are available Mon-Fri from 9am to 8pm, giving you plenty of opportunity to seek a quick overview of what your mortgage deal could potentially look like.
A dedicated team of mortgage experts will answer your questions, queries and provide quality advice for your personal circumstances and the specific mortgage product suited to you.
We’ll take care of your application to your chosen lender from start to finish, in record time - taking away the stress and making the process pain free!
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