Any let-to-buy experiences?

moneysavermummy2014

Hi all,

Having had our house on the market for 3 weeks, we've had ten viewings, a few second viewings, but no offers and feedback of literally nothing more than 'Wow, beautiful house but we don't like the neighbours house/don't like the rear access/don't like that there is nothing we can do to it' I'm starting to worry it won't sell.

We have about £200k of equity at the moment, and are looking to move to a new area for family reasons. The rental market in our current area is very strong, and I wondered if a LTB mortgage might be an option if we find ourselves 'stuck'.

Does anyone have any experience of these, good or bad? I'm struggling to find any information on rates etc. online so I'm assuming this is likely to be something to approach with a broker?

Thanks in advance

amnblog

Most websites do not cover this scenario very well.


letting the current home to buy a new one is common Practice and works well if you can afford to leave 25% equity in the existing property.


The current property is normally self funding when let.


As you say - a broker is best placed to assist.

Typhoon2000

I might have to go through the let to to buy thing too when we move next year. Looking online, L2B mortgages are the same rates B2L form the same the lender. So are they really different products or can you get a B2L mortgage from a lender than does not advertise it as a L2B for the old at the same time as getting a new residential mortgage on the new property, or do you need a specific L2B product?

caronoel

moneysavermummy2014 wrote: »

Hi all,

Having had our house on the market for 3 weeks, we've had ten viewings, a few second viewings, but no offers and feedback of literally nothing more than 'Wow, beautiful house but we don't like the neighbours house/don't like the rear access/don't like that there is nothing we can do to it' I'm starting to worry it won't sell.

We have about £200k of equity at the moment, and are looking to move to a new area for family reasons. The rental market in our current area is very strong, and I wondered if a LTB mortgage might be an option if we find ourselves 'stuck'.

Does anyone have any experience of these, good or bad? I'm struggling to find any information on rates etc. online so I'm assuming this is likely to be something to approach with a broker?

Thanks in advance

Have you spoken to your existing lender?

Particularly if you dont need to free up any cash, they may be willing to offer Consent to Let at little or no cost.

amnblog

Let 2 Buy means different things depending on who you speak to.


Some refer to it in conjunction with the property you vacate, some on the property you purchase.


You wont find specific products ranges labelled L 2 B.

Conrad

Often your existing lender will grant a consent to lease. You will need to thus find the money for a deposit on the new place.
Maybe take a further advance from existing lender now and set it aside, then get a consent to lease, then buy a new place. Be mindful of the reasons your lender will grant for a further advance.

Typhoon2000

In my case I am mortgage free but will some money for the deposit towards the new place.