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Let to Buy Mortgages

Let to Buy is process that helps you purchase a new home while keeping possession of your current property and letting it out. Unlike Buy to Let mortgages, which are taken out by people specifically looking for a property to let out, Let to Buy mortgages are used when you live in a property and you want to move elsewhere. Find out how we can help you without having to pay any broker fees.






Why choose a Let to Buy mortgage?

There are several reasons why you may want to consider a Let to Buy mortgage:

Capital appreciation. A Let to Buy mortgage allows you to keep your current home as a long-term investment and benefit from any future increase in its value

You want to move in with your partner and you each own a property. In this case, you could both move into one of the properties and rent the other one out using a Let to Buy mortgage.

To speed up moving to a new house. You found your dream house and you don’t want to be tied up in a chain or wait for a buyer. You can remortgage your current property with a Let to Buy mortgage and potentially use the money for your deposit towards your new house. 

You may want to have the option of being able to move back into your old property one day. Let to Buy is popular with those who are relocating for work and want to purchase a property in their new location, but don’t want to rule out moving back.

Whatever your circumstances may be, with a Let to Buy you can remortgage and then let out your existing home and use the rental income to cover the cost of the mortgage, allowing you to take out another mortgage on your new home.

Fairview Financial can review your current mortgage at no cost. We have access to thousands of remortgage deals.

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WHAT DO YOU NEED TO CONSIDER


• You’ll need to have a decent deposit or amount of equity in the house, with lenders usually requesting a loan to value (LTV) of 75%.

• You will also need to show that the expected rental income is acceptable for the new lender as they will want to see you can account for rental voids and maintenance costs. It may be a good idea to speak to local letting agents to get an idea of the monthly rents for similar properties in the area.

• Consider the implications of being a landlord such as insurance responsibilities, property maintenance but also tax and legal implications.

• You will have to pay a stamp duty surcharge when you buy a second property so ensure this has been factored into your calculations.


How can Fairview Financial help you with a Let to Buy mortgage?

When proceeding with a Let to Buy, the rental mortgage and the new residential mortgage are both arranged at the same time. Seeking advice from an experienced mortgage broker like Fairview Financial is important in managing a complex process like this. We have great expertise in this area and we will offer you guidance and support from application to completion.

You will also be happy to hear that we do not charge a fee for remortgages and since the Let to Buy is classed as a remortgage, you will not have to pay any broker fees for our advice.

We are a whole of market mortgage broker who will search thousands of deals to find you the right let to buy mortgage option. Not all lenders are happy to lend on a Let to Buy basis and some of those that do will only deal with brokers, not directly with customers.

Fairview Financial guarantees honest and unbiased advice. Our professional service has received exceptional feedback from numerous satisfied clients. We are based in the heart of the Cotsowlds, with our office conveniently located on The Promenade in Cheltenham but we operate throughout the whole of the South West so wherever you may be we can offer a personal service tailored to your individual requirements. 

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







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