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    • fuzz
    • By fuzz 19th Jun 17, 10:44 PM
    • 433Posts
    • 1,873Thanks
    fuzz
    Let to Buy Mortgage wanted
    • #1
    • 19th Jun 17, 10:44 PM
    Let to Buy Mortgage wanted 19th Jun 17 at 10:44 PM
    Am looking for a Let to Buy Mortgage where I release 75% of my current home to purchase a new home to live in - so I need 2 mortgages from the same lender. I've had advice from Which and can afford it but want to find and arrange the mortgages myself rather than pay £200-300 for a broker/company to do it.

    Any pointers? Is the mortgage finder tool sonline that search the whole market? Does anyone know of major lenders who do let to Buy Mortgages?

    Many Thanks, Fuzz
Page 1
    • glosoli
    • By glosoli 19th Jun 17, 10:52 PM
    • 554 Posts
    • 304 Thanks
    glosoli
    • #2
    • 19th Jun 17, 10:52 PM
    • #2
    • 19th Jun 17, 10:52 PM
    £200-£300 may sound like a lot but in the context of what you are looking to do it's not really.

    1) The buy to let application is going to be a consumer buy to let application, as it is your former residence, and assuming you have not had any landlord experience previously. This in itself may trim down the amount of lenders available to you.

    2) Both applications should be assessed by the lender at the same time, in tandem with each other, so there is a holistic approach taken, and it may be an instance where a brokers involvement could be helpful, as you may need to be cautious about the particulars of a particular lenders criteria.

    What you are looking to do may sound straight forward but there is a couple of factors there which may make the couple of hundred pounds worthwhile to spend to ensure a headache free transaction.
    Last edited by glosoli; 19-06-2017 at 10:56 PM.
    • kingstreet
    • By kingstreet 20th Jun 17, 5:29 AM
    • 31,573 Posts
    • 16,865 Thanks
    kingstreet
    • #3
    • 20th Jun 17, 5:29 AM
    • #3
    • 20th Jun 17, 5:29 AM
    Why do you think you want/need two mortgages from the same lender?

    Do you think the lender with the best LTB product for you will also, coincidentally, have the best residential product for the purchase?

    FWIW we charge one £250 broker fee for doing both applications, so you may escape paying two fees if you use a similar charging broker.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • amnblog
    • By amnblog 20th Jun 17, 7:35 AM
    • 9,524 Posts
    • 3,679 Thanks
    amnblog
    • #4
    • 20th Jun 17, 7:35 AM
    • #4
    • 20th Jun 17, 7:35 AM
    Try and do this yourself and you will 'crash and burn'. There are so many nuances to these cases.

    Looking for cheap solutions to becoming a Landlord is inviting trouble.

    I hope 'Which' did not tell you need to use the same Lender for both deals? That's nonsense as KS says.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • csgohan4
    • By csgohan4 20th Jun 17, 12:50 PM
    • 3,567 Posts
    • 2,239 Thanks
    csgohan4
    • #5
    • 20th Jun 17, 12:50 PM
    • #5
    • 20th Jun 17, 12:50 PM
    if your not willing to pay 300 for a broker, what else are you not willing to do as a landlord? Gas safety checks? Repairs?

    Do you fully understand the legal and tax implications of being a LL. Do you know the recent tax rules which makes being a LL less lucrative?
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
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