Covid-19 is affecting us all now, including those who have found their dream home. At the moment many of you are finding its just out of reach as you have not sold and are not in the position to sell with the government restrictions in place or you have recently lost your buyer owing to the financial implications the lockdown is having.
The Mortgage Library is here to help. We are speaking to more and more of you every day and finding you are in the difficult situation where your dream home is just out of reach.
Have you considered a Let to Buy, do you have enough equity in your property to secure the home you aspire to? Are you sitting in (on) the answer?
A let to buy is the option of remortgaging your current residential property to a buy to let, releasing the equity to fund the purchase of your new home. If there is enough equity you can even look to cover the fees too. You will then be left with two properties. More often than not, the buy to let rental will cover both mortgage payments and provide an additional profit. You will own two assets which will accumulate equity going forward.
The benefits of this type of mortgage option is the making, what seems impossible, possible and allows you to potentially earn an additional income and additional equity over time. Please be aware that additional stamp duty will be incurred, however, you can look for this to be covered by the equity you release.
To find out if you can secure the happiness of a new home during these unpredictable times, and put a smile on your partner or family’s faces give THE MORTGAGE LIBRARY a call today and achieve your aspirations!
