01273 736536

LET TO BUY

Let your current property to buy your next home

LET TO BUY

Let your current property to buy your next home

Let your current property to buy your next home

It you are considering becoming a landlord at the same time as buying your next home it is a challenge to know where to start… you will have questions and will need to gather a lot of information to work out the risks, the costs involved and to ascertain if your monthly payments will be within a budget you are comfortable with.

To find out if it is possible to do this, it is best to chat over your objectives with an existing landlord and mortgage expert to allow you to make an informed decision as to whether it is best to sell and buy OR let to buy.

How much could I borrow by letting my current home?

Your property value
£

Estimated monthly rent
£


You could borrow up to

£0

Chat over your objectives with an Expert Mortgage Adviser now on

01273 736536

Information

Please remember to deduct your current mortgage balance from the amount you could borrow shown on the calculator.

This calculator is designed to give you an indication of the amount you can borrow on a let to buy. The actual amount you can borrow does depend on the surveyor’s opinion of the rental income, the type of product chosen and the level of deposit / equity.

It may be possible to borrow more than our calculator shows you, that’s where the expertise of our personal advisers come in and our independent status benefits you.

*All potential borrowing is subject to credit status

How much can I borrow to buy my new home?

Your annual income
£

Partners annual income (if applicable)
£


You could borrow up to

Chat over your objectives with an Expert Mortgage Adviser now on

01273 736536

Information

Please remember to add your deposit to the borrowing amount indicated on the calculator to give you an idea on your purchase price.

This calculator is designed to give you an indication of the amount you can borrow. The actual amount you can borrow depends on your credit commitments, your regular monthly outgoings and how each lender assesses your income.

It may be possible to borrow more than our calculator shows you, that’s where the expertise of our personal advisers comes in and where our independent status benefits you.

*All potential borrowing is subject to affordability checks and credit status.

4 simple steps to let your home to buy another

Step 1

Book a time to chat over your objectives and circumstances with a mortgage broker, who is a buy to let investor.

Step 2

Let your personal mortgage broker save you time by working out all the costs, researching the market and giving you the confidence to rent your home and buy another.

Step 3

When you are happy with the advice and have found the right property to purchase, your mortgage broker will apply online for the best mortgage products for you.

Step 4

Your dedicated relationship manager will see you all the way through to getting your door keys, keeping you well informed along the way.

Get the advice you need, speak with an independent expert today!

What you need to know…

What is a let to buy mortgage?

It is a loan secured against your current home that allows you to rent it out and also allows you to potentially raise a deposit to purchase a new home. Let to buy mortgage criteria is similar to buy to let criteria.

The main difference between a residential mortgage and a let to buy mortgage is that the amount you can borrow is assessed mainly using the rental income from the property being mortgaged rather than your own income. This allows your own income to be used, and to service a mortgage on, the onward property purchase.

How much equity do I need to leave in my home?

Most lenders will consider lending up to 75% of the property value therefore the other 25% equity remains in the property. The actual equity amount that will be required to be left in the property is frequently dictated by the expected rental income of your current property.

Most of our advisers have been landlords for many years, they have the knowledge to potentially allow you to help secure your financial future with owning a second property. Chatting with an existing landlord and mortgage broker will be beneficial for you to know how much you will need for the deposit and other costs.

Will the ‘Let to Buy’ mortgage affect the amount I can borrow to purchase my next home?

It could do however many lenders will regard the mortgage as being self-financing from the rental income. This allows all your main income to be used when assessing affordability and the amount you can borrow to buy your next home.

Are there additional costs that I need to consider?

Yes, on top of normal purchasing costs when you decide to keep your current home to rent out and buy a new home to live in, you will need to pay a 3% surcharge on the Stamp Duty Land Tax on the full purchase price of the property you are purchasing.

This one-off cost will put many people off renting their current property however owning a second property may significantly enhance your long term financial security.

To work out whether it is worthwhile for you, speak with an independent mortgage broker who will crunch the numbers and present them to you in an easy to understand format which will allow you to make an informed choice.

Useful calculators

How much could I borrow by letting my current home?

Your property value
£

Estimated monthly rent
£


You could borrow up to

£0

Chat over your objectives with an Expert Mortgage Adviser now on

01273 736536

How much can I borrow to buy my new home?

Your annual income
£

Partners annual income (if applicable)
£


You could borrow up to

Chat over your objectives with an Expert Mortgage Adviser now on

01273 736536

Monthly payments

How much will you be borrowing?
£

Over how many years?

What is the interest rate?
%


Repayment mortgage will be

£0

Interest Only mortgage will be

£0

Chat over your objectives with an Expert Mortgage Adviser now on

01273 736536

Information

Please remember to add your deposit to the borrowing amount indicated on the calculator to give you an idea of your purchase price.

This calculator is designed to give you an indication of the amount you can borrow on a buy to let basis. The actual amount you can borrow depends on the surveyor’s opinion of the rental income, the type of product chosen and the level of deposit/equity.

It may be possible to borrow more than our calculator shows you, that’s where the expertise of our personal advisers come in and our independent status benefits you.

*All potential borrowing is subject to underwriting and credit status

5 star Google reviews

Paul


Kevin, Tina and Madison were always there to reassure and help us when needed, and are the nicest number crunchers out there!

David


They are not only the total professionals, but have great customer service and keep you informed at every step of the process.

Lorraine


They do their best to find a product and a solution to help you achieve the outcome you want.

Latest from the blog

Be Mortgage Ready In 3 Easy Steps

If you are looking to purchase a new property but don’t have the sufficient deposit budget, the best next step is to start looking for a reliable mortgage advisor. Applying for a mortgage is a lot more complicated than it looks and so approaching professionals for the...

read more

Want to send us a message?


 

Contact

For expert mortgage advice
01273 736536

Earn £100

Recommend a friend & receive £100 for every referral!