A let-to-buy mortgage can be complicated as it involves refinancing your existing property based on the potential rental yield, whilst simultaneously finding a new residential mortgage to fund the onward purchase of a new property.
Add to this the fact that buy-to-let mortgages are generally interest only, with rates usually being higher than on residential deals, together with the challenges of becoming a landlord and you will realise the importance of getting the correct advice and assistance.
The benefits of a Let to Buy Mortgage
- Enable you to use equity you have built up in your home to enable you to move to a new one, while also keeping the existing home as a long-term investment
- Enable you to purchase a new property while unable to sell the current one in the timeframe required
- Enable you to purchase a new property while struggling to sell your current property due to market conditions
- Enable you to purchase a property with a partner while maintaining ownership of your current home
There are merits to using the same lender for both parts but there are also potential benefits to using more than one lender and advice should be sought.
A let-to-buy mortgage can be complicated as it involves refinancing your existing property based on the potential rental yield, whilst simultaneously finding a new residential mortgage to fund the onward purchase of a new property.
Add to this the fact that buy-to-let mortgages are generally interest only, with rates usually being higher than on residential deals, together with the challenges of becoming a landlord and you will realise the importance of getting the correct advice and assistance.
The benefits of a Let to Buy Mortgage
- Enable you to use equity you have built up in your home to enable you to move to a new one, while also keeping the existing home as a long-term investment
- Enable you to purchase a new property while unable to sell the current one in the timeframe required
- Enable you to purchase a new property while struggling to sell your current property due to market conditions
- Enable you to purchase a property with a partner while maintaining ownership of your current home
There are merits to using the same lender for both parts but there are also potential benefits to using more than one lender and advice should be sought.
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