Let-to-Buy mortgages

tamar21

Does anyone have any advice /experience of Let-to-buy mortgages ?

I'm deliberating whether it would be a good option to put my house on the market and test the water or explore the Let-to-Buy route.So,I'd really be really interested in hearing from anyone who's explored any Let-to -Buy products.

Thanks

herbiesjp

A let-to-buy mortgage is simply a residential mortgage

So you let out your existing property, in in order to buy your new property

The rental income on the first property has to be enough to cover the mortgage payments though, in order for the lender of the new residential property to ignore that financial commitment

4433jake

hi

i am currently investigating this option as well, i have a mortgage offer and spoke to an advisor about letting option in the future, the general picture seems to be some lenders will allow this depending on circumstances - there is likely to be an admin fee and a change in interest rate to their btl rates. Therefore i have been looking at both the bank's mortgage offer rate and btl rates at the same time. You need to compare this with best buy btl rates and include the application/valuation fees to get some comparison, but its hard to get an exact answer...