Let to Buy
The term ‘Let to Buy’ refers to when someone lets out a property they currently live in, so that they can purchase a new residential property
There are a few reasons why you might want to do this, one of the most common being timescale. For example, you’ve found your dream home and don’t have the time to sell your existing property before you move, or can’t sell your property for the price you’re looking for. Another common reason is that someone wants to keep hold of their existing property as they see it as a sound long term investment, or it has sentimental value to them and they do not wish to sell.
Of course, by changing the use of the property from residential (that you live in) to a buy to let (a property that you let out), you’ll need to change your existing mortgage in line with this i.e. to a buy to let mortgage, plus take out a new residential mortgage on your new home that you will live in.
It’s important to note that you (personally) cannot live in a property that has a buy to let mortgage against it, and you cannot rent out a property that has a residential mortgage against it without the lenders prior consent. The let to buy process is considerably more complex than the process for a standard residential or buy to let mortgage, but Allshore Associates can offer you advice about a let to buy mortgage based on your personal circumstances.
Give us a call, drop us an email or pop into our office to speak to one of our independent mortgage advisers about your let to buy mortgage and if this works for you.