Let to Buy

Due to current climates and the shift from a seller’s market to a buyer’s market, more borrowers are considering purchase properties whilst retaining their existing property and mortgage. This is referred as a Let to Buy mortgage.

Let to Buy mortgages are few and far between; mainly because applicants prefer to sell their properties. Concerns about renting a property and the problems that may arise tend to be applicant worries. Nevertheless, there are applicants whom are happy and confident to proceed.

Not all mortgage lenders offer Let to Buy mortgages as it poses greater risk to a mortgage lender; worst case scenario with a customer required to maintain both mortgages. Though, there are a few mortgage lenders whom are happy with a Let to Buy mortgage. Please speak to one of our mortgage brokers for more information as advice is certainly required in these circumstances.

Proof of an applicant existing mortgage switched to a Buy to Let mortgage maybe required. Some lenders may ask for projected rental incomes from an ARLA letting agent. In some instances though, an applicant’s income maybe sufficient to cover both mortgages and proof may not be required. Affordability assessments are carried.

A Let to Buy mortgage offers an applicant flexibility. Selling existing properties can be stressful, therefore buying and negotiating a new property whilst not having to sell can be favourable.

If you require let to buy mortgage advice; please submit your details above and one of our mortgage brokers will call you. We Know Mortgages Ltd have access to thousands of mortgage products across the high street and building societies. We’ll guide you through the mortgage process from start to finish. We are based in Manchester City centre.