Let-to-buy is when you let out your current home to enable you to purchase a new property. But why would you want to do this? There are a few scenarios, the most common being:
- Time – you’ve found that dream home and you need to move quickly so that you don’t lose it, but you cannot sell your house at the price you require.
- You want to move, but also would like to hold onto your current property as an investment.
You cannot live in a property that has a buy-to-let mortgage on it, and you cannot rent out a property that has a residential mortgage on it. So in this instance, a let-to-buy mortgage comes into play. It replaces your residential mortgage with a buy-to-let and provides a residential mortgage for your new home.
Let-to-buy mortgages are much more complicated than standard mortgage products and so it is highly recommended that you seek the help of a company like Mortgage Search Go to manage the process for you.
Because of their complexity, these can be difficult mortgages to arrange and they are generally less favoured by lenders. But they can and do happen. And they can and do happen with Mortgage Search Go!
If you would like to discuss let-to-buy as an option, please call us on 0844 69 333 60 or click here to contact us.