Let to Buy
Let To Buy is another mortgage product which offers an alternative to the popular "Buy To Let" option. A let to buy mortgage works by allowing you to borrow money to buy a new home to move into, while you retain ownership of your existing residence and let it to tenants.
Sometimes our clients cannot sell their existing property and use this facility to enable them to move. Others see this as a way to increase their savings in the property market. As with Buy to Let mortgages, provided your existing home mortgage on the new Let to Buy basis can be deemed self financing in accordance with the new mortgage lenders terms, then all applicants income can be used to secure a new mortgage.
By not selling your home, all your equity remains in the existing property which may cause problems in raising a sufficient deposit on your new home. However, sometimes it is possible to release funds form your existing home by increasing the mortgage prior to such a move.
Sometimes our clients cannot sell their existing property and use this facility to enable them to move. Others see this as a way to increase their savings in the property market. As with Buy to Let mortgages, provided your existing home mortgage on the new Let to Buy basis can be deemed self financing in accordance with the new mortgage lenders terms, then all applicants income can be used to secure a new mortgage.
By not selling your home, all your equity remains in the existing property which may cause problems in raising a sufficient deposit on your new home. However, sometimes it is possible to release funds form your existing home by increasing the mortgage prior to such a move.