Let To Buy Mortgages

We obtain let to buy mortgage rates from across the complete range that are on offer from UK lenders, helping you to find the most competitive interest rates. Let to buy mortgages are aimed at landlords who wish to rent their current home and move elsewhere. It is our priority that you are able to access the highest loan to value mortgage that is possible to buy a new home while yours is rented, keeping the interest that you will have to pay to a minimum.

Our knowledgeable team have extensive experience and work solely with buy to let mortgages and our only clients are landlords, so we fully appreciate your needs and all of the mortgages that are available; this includes mortgages from specialist lenders, which cannot be obtained direct. You may well be able to get an interest only let to buy mortgage, as these are considered just like an investment would be; alternatively buy to let mortgages are available, which allow your monthly rental income to take care of your repayments.

Benefits of Using the Let to Buy Services We Offer

  • Quick advice is available over the phone, to which no obligation is attached
  • We have extensive experience within this area of mortgaging
  • The best mortgage rates are available, obtained from across the market as a whole
  • Your application is managed by us, saving you the bother
  • You can raise capital for your next property by remortgaging with buy to let
  • We can use estimated rental income, so you don’t need to have a prospective tenant when you approach us

Renting out Your Home Could Be a Better Option

As many people are not currently looking to buy a property due to the difficulty they face in obtaining a mortgage, more than ever are looking to rent a home instead. For this reason you should consider whether you will benefit more from renting your property rather than trying to sell it. If you do not have sufficient funds for the deposit on the property you hope to buy, remortgaging can provide the money for this. Even if you do not have a tenant waiting to move in, an estimate of the money you will be able to obtain by renting it out will allow capital to be released promptly, ensuring you won’t lose out on the new home that you intend to buy.

Conflicting Terms

Ask people what a let to buy mortgage is and the response will usually be that it allows you to remortgage your current home by way of a buy to let mortgage to release money enabling you to buy a new house with the usual type of mortgage. However, lenders take a different view. Instead some consider the buy to let remortgage as “let to buy” and the mortgage taken out to buy the subsequent home as standard; others see the remortgage as one for buy to let and the mortgage on the new property as “rent to purchase”. In light of this, to avoid confusion it’s advisable to consider the complete proceedings as “let to buy” and the remortgage on your current property as one which is buy to let, allowing you to obtain your next home. Follow this advice and you can prevent any misunderstanding when you speak with mortgage lenders and consultants.

Selecting the Best Mortgage Advice

The Financial Services Authority regulates the mortgage advice you receive relating to buying the property you are moving to, even if it doesn’t cover that of the remortgage of your current home through buy to let. Should you wish to use the same person to advise on the whole transaction, they must be authorised and regulated by this body. If you are amongst the many people who require 80 or 85% loan-to-value mortgages, it might be necessary to switch from a residential lender to an alternative, as the former may not allow such a significant level of lending.

Unless you obtain the assistance of an independent advisor who can provide information about the whole mortgage market, you will not be able to receive the best buy on a rent to purchase mortgage. Not only this, but they must be regulated and have specialist experience in both buy to let and let to buy deals. Only some advisers have access to specialist lenders who are able to offer the greatest loan to values and those with adjustable terms; select your adviser carefully to make sure you don’t miss out on these great products.

What next?

When deciding to rent your current property to purchase another, it is important to consider numerous issues; everything from rental assessments on where you live now to the size of the deposit you would require from the rental of your home to buy your new accommodation, need to be taken into account. You can call free of charge to discuss your needs with a consultant. We will help to clarify your situation by way of a quick and easy telephone consultation, which carries no obligation.