Our Customers rate us 4.6 out of 5
Experienced advisors for let-to-buy mortgages.
Is a let-to-buy mortgage right for you? Talk to our specialist residential mortgage experts today and we’ll help you take your first steps as a landlord.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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Finding The Best Let To Buy Mortgage Deal For Your Circumstances
A let-to-buy mortgage allows you to keep your existing property whilst purchasing a new residence to live in. This can provide valuable breathing space if you’re in a property chain, or offer security if you’re looking to move in with a partner. Whatever your situation, there is a range of let-to-buy mortgages on the market that can enable you to achieve your future plans.
When the Bank Says No can help you seek out the right deal for your needs and finetune your application to provide the best chances of mortgage success. Even if you have bad credit or have previously been rejected for finance, we’re here to take the fear out of mortgages and show that anyone can become a successful landlord.
What is a let to buy mortgage?
A let-to-buy mortgage is used when you want to rent out your current home and buy a new one to live in. A mortgage is a specialised loan given out to prospective buyers on contract, due to house prices being too high to buy outright.
Essentially, it means you have multiple mortgages at the same time. This is achieved by converting your existing mortgage into a let-to-buy mortgage and taking out a new residential mortgage on the new property. Let-to-buy mortgages are often interest-only and can be useful when it comes to easing the pressure if you have found yourself in a property chain.
If you take out a let-to-buy mortgage, you become defined as an accidental landlord, a status which brings with it many important considerations. Not only will you need to manage two mortgages or more at once, but you will also incur additional stamp duty by retaining your current residence.
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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.
Why should I consider let-to-buy instead of selling my current home?
Let-to-buy mortgages can take the time pressure off of you when you want to sell before buying a new home, allowing you to move in quicker, especially if you use the same lender! It also means you retain the existing home as a long-term investment. Let-to-buy may be a suitable option for you if any of the following statements apply.
- You are in a hurry to move and don’t have time to sell your home.
- You have struggled in the past to sell your home.
- You want to buy a property with a partner but also keep ownership of your current home.
- This move is temporary and you plan to move back at some point in the future.
Turning Your Nightmares Into Dreams
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
Are let-to-buy and buy-to-let mortgages different?
A Let-to-buy and buy-to-let mortgage sound similar and can easily be mistaken, but actually, they are very different.
A buy-to-let deal is intended for those who are specifically buying a buy-to-let property for rental income. A let-to-buy, on the other hand, is for those who did not intend to rent out their current property when they bought it, but are now doing so in order to purchase a second property. Homeowners generally convert an existing residential mortgage into a let-to-buy.
What are the criteria for a let-to-buy mortgage?
When switching to a let-to-buy mortgage, lenders will be assessing your eligibility with regard to several different factors. One of these will include how much rent you’re expecting as an income.
Let-to-buy mortgages often have the following lending criteria:
- A maximum borrowing limit of 75-80%.
- Proof that the rent received will be higher than the mortgage payments. The rent should cover 145% of these if you are a higher-rate taxpayer, or 125% if you are on the basic rate. For example, if your monthly mortgage repayments are £500, your rental income should be a minimum of £750.
- Proof that you are buying a new home at the same time as converting to a let-to-buy. If you are not buying another property, then some lenders will still consider you by taking into account another onward plan, e.g., moving away for work.
- The same solicitor is to be used for both transactions.
Frequently Asked Questions
What is the difference between let to buy and consent to let mortgages?
If you are planning on letting your property out for a short period of time whilst trying to sell it, then you may not need to switch to a let-to-buy mortgage. Instead, you can apply to your lender for what is called consent to let, but a lender will not always grant this. If you are moving away from work for a 12-month period, then they will be more likely to give you consent to let. If you are buying a new home to live in full-time, then the lender is likely to insist you convert to a let-to-buy.
What does it mean to become a landlord with a let-to-buy mortgage?
Can I get a let-to-buy mortgage with bad credit?
Trusted let-to-buy mortgage advisors.
If you’re looking to convert your existing mortgage to a let-to-buy, our specialist mortgage broker team can help you. We’re residential mortgage experts and have helped clients in a range of circumstances let their current homes in order to move on to the next. Whether this is the first step in your property empire or you’re looking to ease the pressure of a purchase chain, we can help you find the most appropriate deal for you. With plenty of useful advice, handy tips and tools, we’ll ensure your mortgage application is in the best possible shape and safeguard your chances of success with let-to-buy.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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