Let to Buy Mortgages

Let to Buy Library Archives

A Let to Buy is where you let out your existing residence so that you can purchase a new property to live in. Some people even will release money from their existing residence in order to help fund the deposit for the new onward purchase.

If you are struggling to sell your property and you are keen to move on, this could be an ideal solution as well as a long-term investment. See our Step by Step guide below.

Remember, when you are purchasing an additional property, you are liable for additional Stamp Duty Charges – (refer to our Stamp Duty Calculator)

1. Value Your Property – You will need to arrange a valuation on your home, to assess both the current property value and the estimated rental income. A local estate agent may be able to help you with this.
2. Speak to Your Current Provider – Speaking to your mortgage lender will help clarify whether you need to apply for a ‘Consent to Let’ on your current deal or whether you will need to re-mortgage onto a new ‘Buy to Let Product’
3. Seek Professional Mortgage Advice – A Let to Buy transaction can be a little more complex than a standard mortgage application. This is because there are two mortgages involved and therefore two types of lender criteria to consider. At The Mortgage Library, we can help you assess your current mortgage as well as guiding you on the necessary steps to re-mortgage, if required. We can also help you work out your options for your new onward purchase and guide you all the way through to completion, finding a tenant and of course getting the new keys to your home!