A let to buy mortgage allows you to rent out your current home and purchase a new one to live in. In order to do this, you must convert your current mortgage to a buy to let mortgage and secure a new mortgage for your new property.
It is important to coordinate the timing of both mortgages and it is recommended to seek assistance from a mortgage broker who has access to a wide range of lenders. A let to buy mortgage broker such as Fosters Financial can help you explore all available options and determine if this is the best choice for your situation. Many let to buy mortgages can only be obtained through a broker, who can not only find the most competitive rates for you, but also handle the entire application process.
PLEASE NOTE THAT YOUR HOME MAY BE REPOSSESSED IF YOU FAILTO KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
Allowing to purchase can present a fantastic opportunity. It is commonly utilized by homeowners who are in the process of moving, either by renting out or waiting to sell their current property. However, it is also favored by individuals who wish to relocate temporarily while keeping their homes.
If you want to determine if a let to buy mortgage suits your situation, it is crucial to assess your specific requirements. For more information on exploring your choices, we recommend reaching out to one of the advisors at Fosters Financial without delay.
In order to convert your current agreement into a buy to let mortgage, it is crucial that the rental income generated from leasing your current property adequately covers your mortgage payments. Typically, this amount should be approximately 145% of the mortgage repayments. Additionally, you will be required to provide a minimum deposit of 20%. However, if you desire to secure the most favorable let to buy mortgage rates, it is advisable to have a deposit of 25% or more.
When purchasing a second property, an extra 3% will be added to the regular residential Stamp Duty Land Tax (SDLT) rates. However, if you sell your current home within three years, you are eligible to request a refund.
Utilize our convenient stamp duty calculator to determine the amount of let to buy stamp duty that you will be required to pay.
If you have a desire to temporarily rent out your current home, your mortgage lender might grant you ‘consent to let’. This permission would allow you to lease your home without the need to alter your mortgage agreement. It is crucial to note that each lender has their own policies, and we are here to assist you in understanding them.
© 2024 By EcMortgage. EC Mortgage Solution Ltd is an appointed representative of Beneficial Ltd, which is authorised and regulated by the Financial Conduct Authority, FCA number 736655. EC Mortgage Solution Ltd is authorised and regulated by the Financial Conduct Authority, FCA Number 974789.
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