Let to Buy

If you cannot sell your property in the current climate, taking the let-to-buy option may be a great solution for you. It allows you to let your existing home in order to buy a new home for you and your family to live in.

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With a let to buy mortgage you effectively replace your existing residential mortgage on the property with the new let-to-buy mortgage, allowing you to rent your property and use your income to get a new residential mortgage on a new home. As with a buy to let mortgage the lenders will calculate the loan amount to be sufficient based on the potential rental income to be received and there needs to be a minimum of 25% deposit remaining the property.

Let to buy

If you cannot sell your property in the current climate, taking the let-to-buy option may be a great solution for you. It allows you to let your existing home in order to buy a new home for you and your family to live in.

With a let-to-buy mortgage you effectively replace your existing residential mortgage on the property with the new let-to-buy mortgage, allowing you to rent your property and use your income to get a new residential mortgage on a new home. As with a buy to let mortgage the lenders will calculate the loan amount to be sufficient based on the potential rental income to be received and there needs to be a minimum of 25% deposit remaining the property.

The rental income being received must cover the mortgage payments by at least 125%, as per any buy to let mortgage.

If you have sufficient equity in your existing home you may be able to release some of this to use as deposit for your onward purchase, taking the loan up to a maximum of 75% of your existing property value.

This option isn’t only for people who cannot sell their property. It can be used if you wish to hold onto your property as you feel it will rise in value over the longer term, or perhaps you may would like to move back to the property in the future, or you may not want to be in part of a chain whilst in the house buying/moving process due to the stresses involved. As long as you have sufficient deposit for your onward purchase, or sufficient equity in your existing property for some to be released for your onward purchase deposit the let-to-buy mortgage may be an option for you.

You may not even need to obtain a let-to-buy mortgage, as some lenders allow you to let your existing property out providing you obtain ‘consent to let’ from the lender. This means you will typically benefit from the lower rates, rather than switching to a let-to-buy mortgage rate.

There are only a few lenders who offer let-to-buy mortgages, many of which only operate through mortgage intermediaries. Open Vision Finance specialise in the house buying/moving process and we have arranged many let-to-buy mortgages for our clients, so we will be there to support you every step of the way.

Obtaining a let-to-buy mortgage will mean you will become a landlord, which can be quite overwhelming as there is a lot to consider within the renting market. We have some useful guides to read from trusted lenders we use in this market area. Visit our ‘Useful Downloads’ page for more information. (Hyperlink)

For further information visit both our ‘Buy to Let’ mortgages and the ‘Moving Home’ page, to explain the process to you in more detail. Get in contact with an adviser at Open Vision Finance to ‘arrange an appointment’ and we will discuss your best options with you further. (Hyperlink)

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The rental income being received must cover the mortgage payments by at least 125%, as per any buy to let mortgage.

If you have sufficient equity in your existing home you may be able to release some of this to use as deposit for your onward purchase, taking the loan up to a maximum of 75% of your existing property value.

This option isn’t only for people who cannot sell their property. It can be used if you wish to hold onto your property as you feel it will rise in value over the longer term, or perhaps you may would like to move back to the property in the future, or you may not want to be in part of a chain whilst in the house buying/moving process due to the stresses involved. As long as you have sufficient deposit for your onward purchase, or sufficient equity in your existing property for some to be released for your onward purchase deposit the let-to-buy mortgage may be an option for you.

You may not even need to obtain a let-to-buy mortgage, as some lenders allow you to let your existing property out providing you obtain ‘consent to let’ from the lender. This means you will typically benefit from the lower rates, rather than switching to a let-to-buy mortgage rate.

There are only a few lenders who offer let-to-buy mortgages, many of which only operate through mortgage intermediaries. Open Vision Finance specialise in the house buying/moving process and we have arranged many let-to-buy mortgages for our clients,  so we will be there to support you every step of the way.

Obtaining a let-to-buy mortgage will mean you will become a landlord, which can be quite overwhelming as there is a lot to consider within the renting market. We have some useful guides to read from trusted lenders we use in this market area. Visit our Useful Downloads page for more information.

For further information visit both our ‘Buy to Let’ mortgages and the ‘Moving Home’ page, to explain the process to you in more detail. Get in contact with an adviser at Open Vision Finance to arrange an appointment and we will discuss your best options with you further.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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