Let To Buy - and affordability requirements

Legacy_user

Hi all,

My fixed rate mortgage is coming to end shortly, we've outgrown this property and want to move to a bigger house without selling. We've settled on a doing a let to buy.

We've used consent to let before and it served its purpose at the time but this situation is different.

So how would this work?

• Turning my residential mortgage into a buy to let with provider A and then getting a residential mortgage with provider B

• What affordability requirements would provider B ask for? i am assuming they will not take into account the buy to let property mortgage payment as an outgoing?

• Any suggestion as to who is the best mortgage provider for let to buy?

Any one had such an experience?

Cakeguts

The buy to let mortgage can easily become an outgoing though because you need to be able to pay it even if your tenants have stopped paying rent.


You have also made the mistake in thinking that a house that you liked and bought to live in will make a good rental. Sometimes they do. However if it doesn't you could find it wrecked and vacant for a lot of the time.


If you want a buy to let go and find a property that is suitable as a rental property and don't assume that yours is.

System

ok so after a bit of googling i found that TMW have a range of mortgages that cater exactly for my situation, though it seems that most deals are available through intermediaries.
If anyone can suggest another Let to buy lender that will be great.
:beer:

Thrugelmir

tndfr wrote: »

We've settled on a doing a let to buy.

With a let to buy mortgage. You'll be obtaining the residential mortgage and the BTL mortgage from the same provider.

Your overall financial circumstances will be considered. As presumably you need to release equity from your existing property to fund the new one (in part).

Far more limited range of providers than BTL. A broker may well be your best port of call. If you wish to proceed further.

System

Thank you, i agree, a broker would be a way to go, it seems to complex to handle alone.