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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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Bridging Finance Brokers

When you need to bridge a gap in your finances, we are there to find suitable finance options for you.


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Bad Credit Mortgages

When your credit record isn’t the best and you’re struggling to find a lender, we can step in so you don’t miss out on your dream home.

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Need help navigating buy-to-let mortgages? With our help we’ll make it easier than you think, even if you have bad credit.


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Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.

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.

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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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Let's get the ball rolling.

We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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Check your credit file.

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

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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.

One of the biggest challenges with let-to-buy mortgages is getting your head around the added responsibilities that being a landlord entails. You will have to provide timely property repairs, find and vet tenants, and conduct regular inspections. There are a range of guides available online for those just beginning their journey as a landlord, so it’s nothing to be worried about – the situation just needs to be considered carefully. Are you ready for this added stress? Are you ready to cover any extra costs? Management and letting agent fees can also be something to think about if you don’t think a hands-on approach is right for you. Essentially, you need to make sure you go into this situation with open eyes, feeling fully prepared.

You can! There are plenty of specialist mortgage lenders out there who don’t let a bit of bad credit put them off and are willing to look past adverse financial histories – even with a let to buy. Your options may be more limited than someone with perfect credit, but that’s not to say there aren’t options. As ever with complicated credit files, it’s important to talk things through with an expert as soon as possible. Doing so can help you avoid the delay and disappointment caused by a declined mortgage if you apply to the wrong lender. Speaking to one of our specialist mortgage advisors can be a great first step – why not call us today! We’ll help you assess your options and find the most appropriate let to buy a mortgage for your circumstances and future plans.

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.

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