Let to buy mortgages
For homeowners that are looking to move but are struggling to sell their property, renting it out can appear to be the perfect solution to enable them to move. However, in most cases, the equity within their existing property is needed to part-fund their new home purchase.
In such situations a let to buy mortgage may well be the answer as it releases the equity from the existing home a house-move with mortgage repayments being funded by the rental income.
At Key Solutions we help you source let to buy mortgages from a range of specialist lenders giving you the freedom to move from their existing home without being forced to sell at a lower price for a quick sale.
How does it work?
If you have sufficient equity in your property you can remortgage using a let to buy mortgage to release some of the equity to part-fund a new home. Your existing property is then let out with the rental income servicing the increased mortgage repayments.
By using this approach, you not only enable yourself to take out a mortgage for your new home but also do not significantly increase your monthly repayments. There are a number of benefits to obtaining a let to buy mortgage including:
- Earning rent from your existing property whilst being able to purchase another.
- Moving the chain process on if selling the property is proving more difficult than anticipated.
- Enabling you to keep your current property as a long-term investment whilst the mortgage is paid by rental income from your tenants.
It is important to note that by doing this you will effectively be applying for two mortgages; the standard residential and a buy to let. However, these are applied for at the same time so that the lenders are aware of your current and proposed property purchases.
Making it easier to move without selling your property
At Key Solutions we have extensive experience in finding the right residential and buy to let mortgages for our clients. We are therefore ideally placed to help you with your let to buy mortgage. Give our team a call on 0800 138 5856 or fill out a contact form for more information and advice. We will respond to you within 24 hours.
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