Let to Buy:

Let to buy:

Let to Buy mortgages are perfect for those who are looking to move house but are either struggling to sell their existing property or want to keep their existing property as an investment. By letting out your old property you can use the rental income to meet the mortgage repayments without having to rely on your own income. A growing number of High Street mortgage lenders are willing to consider a second residential mortgage where the rental income is sufficient to cover the mortgage repayments on the first mortgage.

You will usually be expected to leave a minimum of 10% equity in your Let to Buy property and will be required to provide a minimum deposit of 5% toward the purchase of the new property. Before considering Let to Buy you should check with your existing mortgage lender to ensure they are prepared to give permission for your existing home to be let. In the event that you are not given permission you may need to remortgage your existing property to a specialist Buy to Let lender.

Raising money for the new deposit... ideally you will have a 10% deposit from your own resources toward the purchase of your new home. If this is not possible you may be able to borrow the deposit from your existing mortgage lender as a further advance or remortgage your current home to release equity.

What should I do next?

Let to Buy mortgages cannot be successfully sourced using online mortgage systems so you should contact us directly on 0800 756 9556.

Back to the Buy to Let Centre

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