Welcome to The Complete Mortgage Company Ltd.

Let to Buy Mortgages

Let To Buy

Let to buy is a very straight forward way of buying a new home whilst keeping and renting out your old one.

There are a number of reasons you might want or need to do this, the two most common are these: if you have found your dream home but you can’t sell your current home, or you want to enter the property investment market, and this is a relatively ‘natural’ way of doing it.

This is how it works, first of all you need to be in a position to let your current home out, this means that you either have to remortgage to a buy to let mortgage, or you get consent to let from your existing lender. Most lenders will be happy with that, although some might impose conditions because your existing mortgage will be a residential one, such as limiting the time the consent will apply for, to say, two years for example, or they might charge you a nominal fee.

Now you need a mortgage for the new house you’re buying. This lender too has to be comfortable with the situation, and not all are. Most that are happy with let to buy will insist that the rent you receive for your existing house covers the mortgage by a factor of at least 125%, so you need to do your calculations carefully, particularly if your releasing equity from your existing house as a deposit for the new one. The best way of making sure all the figures add up in your favour is to seek the advice of a whole of market broker like The Complete Mortgage Company.

We have access to literally thousands of schemes from the whole of the market, and we know these schemes inside out. Call us today and we’ll chat through your situation and see if the numbers work for you. We don’t charge you anything to review your situation as our advice is free.

Whatever your situation, please call us on 01480 393393, or use the enquiry form to speak to an adviser who will be able to help.