Blog Article

Moving to a new home without selling your existing one. Everything is possible!

Moving to a new home without selling your existing one. Everything is possible!

Date: 24 February 2022 | By: Marketing

Most of you will have heard of buy-to-let mortgages,  but fewer people have heard of its mirror image product, let-to-buy.

What is a let-to-buy mortgage?

This mortgage option is usually sought by homeowners who want or need to move (job relocation, access to better schools, to support family etc) but don’t want to sell their property or, are struggling to sell it quickly enough to suit their needs.

How does a let-to-buy mortgage work?

A let-to-buy mortgage enables a homeowner to let out their existing property to enable them to buy a new residential property.  For many, this allows them to take advantage of the current high demand for rental properties and the high rents tenants are willing to pay, and it also means that they become multi-property owners.  When the market is in growth, they are benefitting from increased values two-fold.

As a mortgage brokerage working with property investors, we have seen let-to-buy mortgages grow in popularity in recent years.  Let-to-buy can be a complex process.  In theory, you are taking two new mortgages – a residential and buy-to-let, but the benefits can be beneficial from both a financial and personal circumstance.

Many lenders seek straightforward mortgage clients – and will hesitate with a let-to-buy application. A whole-of-market mortgage broker will quickly identify let-to-buy mortgage providers and find the right one for you.

First Mortgage Solutions prides itself on offering first-class advice and working with complex scenarios. If you would like to discuss let-to-buy further, please don’t hesitate to get in touch. Call us on 01639 262222 or fill in our contact form today!

 

 

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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