A let-to-buy mortgage works simply by allowing you to borrow a lump sum of money (secured against your existing property) in order to buy a new home to move into whilst renting your existing property to tenants. The resulting rental income can then be used to cover or offset your existing monthly mortgage repayments.
|
Let-to-buy mortgages are mainly used by people who need a quick release of equity from their property in order to go forward and purchase a new property. The house buying / selling process can be rather slow at times if you are involved in a chain and let-to-buy mortgages are ideal for people looking to swiftly relocate through work or where a larger home is required if they are starting a family.
|
|
|
|
The following are other popular reasons why people chose Let To Buy mortgages:
- Enables a quick release of equity form the property whilst maintaining a hold within the property market
- Allows you to continue building the equity in your existing home as an investment whilst the tenants pay rent to cover or contribute towards your monthly mortgage payments
- Kick-starts the building of a property portfolio for investment / pension purposes
- If you are relocating with work on a short to medium term it will provide you with the flexibility to move back to your home area.
This type of arrangement can provide you with a good alternative to buy-to-let and be arranged with a smaller deposit which proves very popular with some homeowners. Let-to-buy mortgages can be arranged on a self-certification basis to 90% loan to value or 95% loan to value with proof of income.
|
For further information please contact us on
FREEPHONE 0800 587 4229, request a call back,
email, or complete an online enquiry form
The overall cost for comparison is 4.9% APR
The actual rate available depends upon your circumstances.
Ask for a personalised illustration. APR variable and based on a typical case
A FEE MAY BE CHARGED - AN AVERAGE FEE WOULD BE 2%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON YOUR MORTGAGE