Let to Buy?

RiojaJaxx

We currently own our home out right and plan to buy a new one to live in while renting out the current one. However we are approximately 50k short for the house we are looking at and wondering if there is some kind of mortgage arrangement we can take out on the current home to cover it.
Initial googling seems to suggest Let to Buy is the way to go though lenders prepared to do this may be limited?
We are also both in our early 60's so I'm assuming that no one will offer us anything more than a 10 year mortgage (if that).
Any advice or pointing in the right direction would be much appreciated

kingstreet

Let to buy products tend to follow BTL rules, so you'll be able to go interest-only if you want and a longer term should be possible.

savingup_2

I am going through this at the moment, it is a workable solution but I would definitely use a broker. There's all sorts of complications regarding the residential and let mortgages, their calculations, rules about what is considered self-financing and as a result it takes a lot longer to put in place. Good luck, fingers crossed your dream home will be yours.