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Let to Buy Mortgages

Mortgage Advice For Your Property Investments

Have you found your dream home and want to get the ball rolling now? Let to buy Mortgages could be the key to unlocking the door to your next property without having to sell.

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Unlock your property potential

Whether you're a homeowner looking to move up the property ladder or an investor seeking a strategic approach, we can help you secure the best deal.

  • Earn rental income
  • Good long-term investment
  • Equity appreciation
  • Expand your property portfolio

Speak to a Let to Buy Mortgage Adviser

If you want to rent out your current home and buy a new one, we can help you find the right mortgage for your needs.

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Let us explain

What is a Let to Buy mortgage

A let to buy mortgage enables homeowners to convert their residential home into a property to let whilst simultaneously purchasing a new house.

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Why choose a Let to Buy mortgage?

Let to buy is a good option if you're having trouble selling your home or if you don't want the pressure of selling before moving on. It's also a great solution if you want to retain ownership of your current home, whether you plan to temporarily relocate, return later or move in with a significant other.

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How does a Let To Buy mortgage work?

If you choose let to buy, you may need two mortgages: one for the property you rent and another for the home you are buying to live in. You will also need to pay an extra Stamp Duty charge when acquiring a second home, which is important to consider with your budget.

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Why Choose Boon Brokers?

We have access to exclusive deals you will not be able to find on the high street and can compare all the let to buy mortgages that you are eligible for. This type of mortgage can be more complex to acquire than a standard residential mortgage, but our experts are available to offer any guidance you may require, and all of our advice is free.

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Our Process

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Step One

Book a free consultation by completing our Request a Callback form or email us.

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Step Two

One of our expert advisers will contact you to learn more about your situation.

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Step Three

Relax while we find you the best mortgage deal.

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FAQ Section

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How much deposit is needed for a Let to Buy mortgage?

Most lenders cap the loan-to-value (LTV) ratio at 75%, meaning you need at least 25% equity in your current property. If you have enough equity, it can be used as your deposit, either fully or partially. Some lenders might be willing to consider a higher LTV if you're having trouble raising a 25% deposit. When getting a property to move into, it's advisable to target a minimum 10% deposit.

How much income do I need for a Let to Buy?

The minimum income needed usually ranges from £15,000 to £25,000, depending on the lender. The rental income for the property that you are remortgaging typically needs to be 125% to 145% of the mortgage repayments.

What is the difference between Let to Buy and Buy to Let?

Let to buy mortgages are for those who want to buy a new home but keep their current property as a rental. Buy to Let mortgages are for people buying a property to rent out or remortgaging an already rented property.

Can I get a let to buy mortgage with bad credit?

Most lenders allow let-to-buy transactions as long as they offer both Buy to Let and Residential mortgages. There are a number of lenders that are more lenient on bad credit. However, it does depend on the degree of the bad credit. If you have significant and recent bad credit, it may be difficult to acquire a mortgage in any scenario, let alone a let to buy mortgage. A whole of market mortgage broker, like ourselves at Boon Brokers, will be able to research the market and identify the most suitable lender for your requirements. With our criteria search system, we can quickly assess whether a lender is available for your bad credit.

Why might someone take out a let-to-buy mortgage?

There are many reasons why someone might wish to take out a let-to-buy mortgage. Most applicants wish to retain their present property to benefit from the rental income generated and to avoid the hassle of a sale. As selling a property can be a long and drawn out process, spanning over many months, a let-to-buy remortgage of the property can significantly improve the time for completion of the new property purchase. In a recessionary market where property sales can take over 6 months to complete, a let-to-buy transaction can be attractive for those looking for a quick purchase.

Is Let to Buy a good idea?

A Let to Buy transaction is usually a good idea for applicants looking to retain their existing property whilst simultaneously moving home. By changing their existing residence to a rental property, they can generate an additional income stream whilst using the property’s equity to finance a new residential purchase. However, a downside to Let to Buy Transactions is the Stamp Duty Land Tax Payable.
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How can I get the best mortgage deal?

We Have Whole-Of-Market Access

We make getting a mortgage easy by handling all the paperwork. Our extensive whole-of-market approach ensures you get the best deal that fits your needs perfectly. Plus, all of our services are completely free.

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