What is a Let to Buy Mortgage?

Let to Buy mortgages are becoming more popular. These type of mortgages are designed so you can Let out your present residential property in order to buy a new residential property to move into. They also allow existing homeowners to raise capital to put towards the deposit on their new property without the need to sell their existing home.

Why use a Let to Buy Mortgage?

There are many reasons why homeowners use a let to Buy Mortgage.  Maybe they want to move quickly and don’t have time to sell their existing residential property or perhaps a couple want to purchase a house together, but one already owns their own home and rent it out.

Let to Buy or Buy to Let. What’s the difference?

Let to Buy mortgages are for people who already own a home but they wish to rent it out in order to be able to purchase another residential property.

A Buy to Let is a mortgage for someone who wishes to buy a property as an investment and rent it to others.

Will a Let to Buy mortgage affect my affordability on my new Residential property?

Let to Buy mortgages are similar to buy to let for affordability. They will be assessed on Rental Income you may receive and maximum borrowing will be limited to 75% to 80% of the value of your current home.

If you have any questions about Let To Buy? Why not call us on 0131 463 5678 or use our quick contact form below. We look forward to hearing from you soon.