Let your existing property to buy another with the help of a Let to Buy Mortgage.
If you want to buy a property to live in but prefer to let your existing one rather than sell it you are reading the right article about Rent and Buy Mortgage products. Selecting a Mortgage Lender for the property to be rented out is not as easy as you’d think. This would now technically be known as a ‘consumer buy to let’ and now all Mortgage Lenders offer products in this area.
Your product choice for a rent and buy (let to buy) will be further determined by the following key points:
- Mortgage Lenders may have a minimum age of 25 years.
- Mortgage Lender may insist on prior letting experience. Either on the property in question, in which case you will need to be renting yourself before the onward purchase; or via another buy to let in the background.
- Onward purchase. Mortgage Lenders will want various degrees of information about the mortgage onward purchase, here are some of the things they could ask:- Address of the property
– Loan to value
– Amount of borrowing i.e. balance and monthly cost
– A full Mortgage Offer
– Confirmation that their Mortgage completing at the same time
Such restrictions could end up tying you unwanted into a transaction and timeframe.
Let to Buy Mortgage Product
To see an example of a current Let to Buy Remortgage we have on offer, click here.
To find a rent and buy mortgage that suits you, why not contact Niche Advice by completing the web form or calling T: 020 7993 2044? With no upfront charges we could be the perfect partner for you.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
