Let to Buy
We make Let to Buy’s as simple as Buy to Let’s!
What is a let to buy mortgage?
Let to Buy mortgages are the simple solution if you want to buy a new house but keep your current one to let out!
A simple solution!
The majority of homeowners re-mortgage their property onto a let to buy mortgage scheme, this lets them to use some of the equity in their property as a deposit for their new purchase.
Generally speaking, let to buy mortgages are on an interest only basis which should have the effect of creating a surplus of rental income.
The benefits of let to buy mortgages
See below the benefits of let to buy mortgages.
Free Up Cash!
A let to Buy mortgage allows you to release equity from your current home to buy your new one, then you'll have the benefit of having another source of income from the rent you collect.
Not having to Sell.
A let to buy mortgage means you don't have to sell your home; you could keep it as a long-term investment or even move back into it in later life. It also takes out the stress of selling a home.
No Chain
By letting out your property it puts you in a strong buying position, which could result in you getting a discount off your purchase, as you are buying without a chain behind you.
Considerations
You should consider the below before taking out a let to buy mortgage.
Stamp Duty
You'll pay an extra 3% stamp duty charge when buying your new home, as it's a second property.
Tax
There are added taxes when renting out a property, you may wish to use an accountant.
Landlord Issues
Make sure you set aside funds for any issues and/or rental voids.
