Best providers of "Let To Buy" mortgages?

dellboy102

Hi Guys

I was just wondering what would be the best starting point to look for good deals on "Let to Buy" mortgages (Not buy to let!), this would be my first house so I know know nothing of whats involved (yet!) so any other tips and advice would also be welcome.

Just a little background, I was made redundant but found a another job straight away with similar pay however since I start in 2 weeks I cant get a normal mortgage, I live with my parents however my parents want to move into another house and we've agreed that we'll move into another place and rent out our current one and i'm willing to pay any shortfalls on the mortgage which the rent doesn't cover.

Thanks

unite79

I dont think you have quite grasped the concept of Let To Buy - Let as in you rent out your existing property in order to Buy - A new property - As you are a first time buyer, I guess you fail the first element of needing this type of mortgage!

Maybe you could expand on your desire, and people may be able to assist!

Do your parents want to add you onto the mortgage and then rent it out!

Conrad

I'm not sure what your question is. Do you want your parents to remortgage thier current mortgage to a buy to let or something?

dellboy102

Sorry I should of been clearer, lets take myself out of the equation, the intention is my parents will rent out their existing property in order to buy a new property, I referred to it as my first house as I'll be arranging everything and also I will buy out the new house from my parents once my job is secure but for the purpose of the question you can ignore me.

Also the existing property has no mortgage payments outstanding, however both my parents do not work (which should be ok as I can cover the payments if problems/shortfalls with the rent)

Hope this is clearer!, if not let me know and i'll try and break it down

unite79

So your parents dont work and have no mortgage currently - Assume they have pension income - and assume it is not massive - ie enough to support a new mortgage - First question - Why do they need to move.
Assuming the answer to this is sensible, they can arrange a Buy to let on the existing property in order to raise a deposit for the new property, Income will not be a problem on this due to Rental income with some lenders.
The problem will be the purchase - Mortgage - Could you also stand on this mortgage, assuming not covered by your parents pension income!
You probably need to talk this over face to face with a Whole of Market broker, in order that you understand the way this can be done, also getting advice on the order to do things in order to limit tax etc....

dellboy102

they need to move because they really dislike the house we live in for various reasons.

I can be part of the mortgage, I was going to get it fully in my name however I thought it may cause a issue because the existing property is in their name, another problem with putting the mortgage in my name is I havent started my new job yet.

I didnt realise you can get a buy to let on an existing property, i'll have to look into that option.