Let to buy
Giving you the advice you need for a Let-to-buy Mortgage
Are you looking for a Let To Buy mortgage?
If you wish to keep your existing property and rent it out and buy a new property to live in, then we can advise you on Let-to-Buy mortgages.
With a Let-to-Buy mortgage, you will need advice and be applying for two separate mortgages. You will require a Buy-to-Let mortgage for your current property that you wish to rent out and a new residential mortgage like the one you have now for the new property you want to move to.
With a Let-to-Buy mortgage, the lender allows you to raise a deposit for your next property by taking out extra borrowing on your existing home without taking your current mortgage into account as a commitment for your onward purchase.
Since April 2016, you have to pay an extra 3% on additional property purchases, so this is worth bearing in mind when considering a Let-to-Buy mortgage, however, if you sell your existing property within 3 years this will be refunded to you.
It is also advisable that you take independent tax advice before proceeding with this option since the new tax implications that came into play from April 2017.
Some Consumer Let-to-Buy mortgages are not regulated by the Financial Conduct Authority.
A Let-to-Buy mortgage will be secured against your property.
So whatever questions you may have about your mortgage and protection, we are here to help you.