What is a Let to Buy mortgage?
A Let to Buy mortgage allows you to retain ownership of your current home for the purpose of letting out to tenants, while also finding and purchase a new property to live in.
This type of mortgage is also ideal if you are finding it difficult to sell your current home, as, in turn, this will hold up the property ‘chain’ and affect your ability to purchase a new property.
Once you secure a Let to Buy mortgage on your existing home, you are free to make an onward purchase for a new property. Either way, you will have one property to let out while you are paying the mortgage on a new residential home elsewhere.
The process can seem a little back-to-front and somewhat difficult to get your head around. It’s important to make sure your figures and calculations tally up to make the overall transaction work.