Let to Buy Mortgages

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What is a let to buy mortgage?

Embrace the convenience of a let to buy purchase and mortgage, where you can rent out your current home and use the rental income to buy a new property. It's a practical approach that involves remortgaging your current home and applying for a new mortgage for the new property.

With this option, both mortgages will run side by side, and they might be with different lenders. The funds from one mortgage will serve as the deposit for the other property.

This approach allows you to become a homeowner while also generating rental income from your current property. It's a smart way to step into the property market and potentially enjoy the benefits of rental revenue.

The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.

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How do I get a let to buy mortgage?

When it comes to securing a let to buy mortgage, meeting specific criteria is crucial. During a free appointment with your trusted mortgage broker, they will carefully assess your circumstances to determine if this option is suitable for you.

To qualify, you'll need to demonstrate affordability and have a 10% deposit for your new home, along with a 25% deposit for the let to buy mortgage. Using the released equity from your remortgage can be beneficial in achieving the required deposit.

Moreover, generating rental income that covers at least 125% of the mortgage payments on the let to buy property is essential.

Even if you have bad credit, don't worry! You can still obtain a let to buy mortgage, as lenders offer specialised products for such situations. Your experienced mortgage advisor will expertly guide you through the process, ensuring you meet all the necessary criteria for the right let to buy mortgage that perfectly fits your needs.

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Let to Buy Mortgage FAQs

What is the difference between let to buy mortgage and buy to let mortgage?

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A let to buy mortgage is a variation of a buy to let mortgage, and while their names may sound alike, they serve different purposes. A buy to let mortgage involves purchasing a property with the intention of renting it out to generate additional income.

On the other hand, a let to buy mortgage often comes into play with "accidental" landlords. These are homeowners who initially had no plans of becoming landlords but later changed their minds and decided to rent out their current home.

By choosing the let to buy route, they avoid the stress of selling their home and buying a new buy to let property. Instead, they rent out their current property, using the rental income to support their new residential mortgage payments. It can be a practical and financially beneficial choice for those looking to venture into the world of property investment while keeping their current home.

Are there any stamp duty charges?

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Before embarking on a let to buy journey, it's essential to consider the various costs involved, including the possibility of stamp duty tax, although not everyone is subject to it.

Being proactive and checking this beforehand can save you from any surprises later on.

As experienced mortgage advisors, our team is here to support you every step of the way. We'll provide a transparent breakdown of all the costs associated with your let to buy mortgage, including stamp duty, during your free mortgage appointment.

Our goal is to ensure you have a clear understanding of the expenses, empowering you to make well-informed decisions with confidence.

Can I get a let to buy mortgage with bad credit?

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Let to buy mortgages often come with unique lending criteria, which can be stricter. Factors like a low credit score, CCJs, defaults, or late payments may impact your eligibility.

Our vast network of mortgage lenders includes specialists who are well-equipped to cater to various situations, including those with bad credit.

If you're exploring the possibility of a let to buy, our mortgage advisors are here to guide you. We offer personalised solutions tailored to your specific needs and credit circumstances.

Rest assured, we're dedicated to helping you find the right options, even if you're facing credit challenges. Don't hesitate to reach out for expert advice and support.

What are the positives and negatives of a let to buy?

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Discover the key aspects of let to buy mortgages, where a significant advantage is the potential for a less stressful alternative to selling your current home. It may even cover its own mortgage, leaving you with additional profit to enjoy.

Managing dual property ownership, along with potential tenants and family living in one property, can introduce stress and challenges similar to selling a home. It's crucial to consider your suitability for this arrangement.

Let to buy mortgages often come with higher interest rates compared to regular residential mortgages. While the availability of lenders offering let to buy deals might be somewhat limited, we have access to a wide network of lenders with specialised products for let to buy situations.

Despite the higher interest rates, let to buy mortgages can still offer competitive rates and fees, working in your favor. Keep in mind the value of your properties, as appreciation can lead to profits, while depreciation may result in losses.

To navigate these complexities and make well-informed decisions, consult with our experienced mortgage advisors. We are here to help you understand the intricacies and find the best solutions tailored to your unique needs and financial goals.

Are there any alternatives to a let to buy?

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If a let to buy mortgage isn't the right fit for you, there are alternative options worth exploring. One possibility is moving into temporary or rental accommodation, allowing you to consider a standard buy to let mortgage for investment purposes.

This path may come with costs, and you might not meet the strict criteria set by mortgage lenders for buy to let properties. Additionally, breaking out of the rental cycle can be challenging.

Another option is seeking "consent to let" from your mortgage lender, granting you a specific period to rent out your current residential property while you move into your new home.

While it may seem straightforward, the viability of this option depends on your specific mortgage lender's policies. Moreover, buying a new home while consent to let is in place can present complexities that require careful consideration.

For expert guidance and tailored mortgage advice, our mortgage advisors are here to support you throughout this decision-making process.

How can a mortgage broker help with my let to buy mortgage?

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As an experienced mortgage broker, our open and honest mortgage advisors possess extensive knowledge of the mortgage world, helping numerous clients in becoming landlords through let to buy arrangements.

We take great pride in being a trusted and respected team of expert mortgage advisors, dedicated to delivering exceptional service to our customers.

To cater to your convenience, we offer flexible appointment times throughout the week, starting from early mornings to late evenings, subject to availability.

We understand that the mortgage process can be intricate, and we're always prepared to address any questions or concerns you may have.

Our primary goal is to minimise stress as you embark on your property journey, ensuring a smooth and positive experience for you.

To achieve your success, we conduct thorough searches through thousands of mortgage deals on your behalf.

As a prospective let to buy landlord seeking a let to buy mortgage, our aim is to find the best deals available, providing more than just a mortgage – we strive to offer you a truly satisfying customer experience.

Get started on your mortgage journey by booking your free mortgage appointment online and speaking to a dedicated mortgage advisor today.

Let us guide you towards achieving your property goals with confidence and peace of mind.

8 Reasons to Choose UK Moneyman

Open 7 days a week to work around you.

We're flexible to work around your busy schedule, we work beyond the general 9-5 in order to be there when you need us.

No cost to you consultation.

You won't have to pay us until we do something! We only ask for payment once we get results.

All landlords who get in touch will receive their own dedicated case manager.

You'll always have the same case manager to help work alongside you throughout the entire process.

Customer satisfaction is the heart of this company.

Sometimes new or existing landlords need some additional support. We’ll be to support you throughout the entire process.

Jargon free insurance advice.

Our team will recommend suitable insurance products to ensure you can stay in your home should you become seriously ill and unable to work.

We search 1000s of let to buy mortgage deals.

Our mortgage advisors will search the market for the most suitable let to buy mortgage to match your current circumstances, saving you time and money.

Our team are experienced and knowledgeable in the industry.

Having been in the industry for over 20 years, we have helped many landlords obtain a let to buy mortgage. There's hardly a situation that we haven't come across before.

Your mortgage advisor will be with you every step of the way.

Throughout the mortgage process, we will help you overcome any hurdles you encounter like issues with property surveys and down valuation.

We search 1000s of let to buy mortgage deals

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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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