Let To Buy Mortgages
APPLYING FOR TWO MORTGAGES IS NOT WITHOUT ITS CHALLENGES. WHEN IT COMES TO LET TO BUY MORTGAGES, IT’S ESSENTIAL TO GET GOOD ADVICE FROM THE START
Perhaps you’ve found your dream property but have been unable to sell your home. A let to buy mortgage could be the ideal option for getting your new property purchase over the line and at the same time avoiding long chains and estate agent fees.
At Oportfolio, we ensure the whole process runs smoothly, so your let to buy and residential mortgage complete on the same day and you get to make your all-important move.
HOW DOES A LET-TO-BUY MORTGAGE WORK?
With more London homeowners keen to keep their property in the capital as an investment, applications for let to buy mortgages are on the increase.
A let to buy mortgage, simply lets you take out the equity in your current property, rent it out, and use the cash lump sum to purchase a new home. A regular residential mortgage is needed to purchase the new property too, meaning you’ll have two mortgage applications running along at the same time.
You will need to provide evidence of the potential rental income you could earn and this will be stress-tested to make sure it meets the affordability requirements for a let to buy mortgage.
This type of mortgage is ideal if you’ve found your next property but have been unable to, or don’t want to, sell your current home. And, of course, you can earn a tidy rental income too and not have to pay estate agent fees or get stuck in a chain.
WORKING WITH A LET TO BUY MORTGAGE BROKER
For your let to buy mortgage and your residential mortgage to complete on the same day, you need to choose a mortgage broker who can handle the complexities of two mortgage applications.
As a buy to let mortgage broker, we’re used to handling all aspects of the let to buy process and we’re fully aware of the challenges. Not all lenders offer these types of mortgages. So it’s worth working with an experienced broker like Oportfolio who can help find you the best let to buy mortgages on the market and secure the right residential mortgage for your new home at the same time too.