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Let to Buy Mortgage
Advice in London

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Let to Buy Mortgage
Advice in London

Want to rent your home and buy a new one? Talk to a mortgage advisor in London today to explore your options.

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What is a let to buy mortgage in London?

A let to buy purchase and mortgage means renting out your current home to buy a new one. You’ll remortgage your current home and apply for a new mortgage for the new home.

Both mortgages run together but might be with different lenders. You’ll use funds from one mortgage as a deposit for the other property.

It’s a way to become a homeowner while generating rental income from your current property.

The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.

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Let to Buy Mortgage <br>Advice in London

How do I get a let to buy mortgage in London?

To secure a let to buy mortgage in London, you must meet certain criteria. Your trusted mortgage broker in London will assess your circumstances during a free appointment to see if it’s right for you.

To qualify, you’ll need to show affordability, have a 10% deposit for your new home, and a 25% deposit for the let to buy mortgage. You can use released equity from your remortgage to achieve the deposit.

You should also generate rental income covering at least 125% of the mortgage payments.

Even with bad credit, you can still get a let to buy mortgage in London, thanks to lenders offering products for such situations. Your mortgage advisor in London will guide you through the process and ensure you meet the criteria for the right let to buy mortgage.

What is the difference between let to buy mortgage and buy to let mortgage in London?

A let to buy mortgage in London is a variant of a buy to let mortgage, and the names may sound similar. A buy to let mortgage involves purchasing a property with the intention of letting it out for additional income.

With a let to buy mortgage in London, the scenario often arises with “accidental” landlords. These are homeowners who initially didn’t plan to become landlords but later changed their plans and decided to rent out their current home.

Instead of dealing with the stresses of selling their home and buying a new buy to let property, they opt to rent out their home, using the rental income to help pay off their new residential mortgage.

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FAQs for Let to Buy in London

Are there any stamp duty charges in London?

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When considering a let to buy in London, it’s crucial to be mindful of the associated costs, including potential stamp duty tax.

While not applicable to everyone, it’s essential to check beforehand to be fully informed.

As experienced mortgage advisors in London, our team will guide you through the entire process, providing a clear understanding of all the costs involved, including stamp duty.

During your free mortgage appointment, we’ll ensure you have a comprehensive picture of the expenses, empowering you to make informed decisions.

Can I get a let to buy mortgage in London with bad credit?

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Due to the unique nature of let to buy mortgages, you may encounter stricter mortgage lending criteria in London. Factors like a low credit score, CCJ, default, or late payments could affect your eligibility.

Our extensive network of mortgage lenders includes specialists who cater to various situations, including those with bad credit.

So, if you’re considering a let to buy in London, don’t hesitate to consult with our mortgage advisors for personalised solutions tailored to your needs.

We’re here to help you find the right options even in challenging credit circumstances.

What are the positives and negatives of a let to buy in London?

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Let’s delve into the key aspects of let to buy mortgages in London. One significant advantage is that let to buy can offer a less stressful alternative to selling your current home.

It may even cover its own mortgage and leave you with additional profit to enjoy.

On the flip side, being responsible for two properties, along with the potential of having tenants and a family living in one of them, can create stress and challenges similar to selling a home. It’s essential to consider your suitability for managing dual property ownership.

Another aspect to keep in mind is that let to buy mortgages often come with higher interest rates compared to regular residential mortgages in London.

Additionally, the availability of lenders offering let to buy deals might be somewhat limited, but not to worry, as we have access to a wide network of lenders offering specialised products for let to buy situations.

Despite higher interest rates, let to buy mortgages in London may still offer competitive rates and fees compared to traditional buy to let mortgages, which can work in your favour.

It’s also important to consider the value of your properties. If their values appreciate over time, you could potentially make a profit when the time comes to sell. If the values decline, you could be at a loss.

To navigate through all these complexities and make well-informed decisions about let to buy mortgages in London, consult with our experienced mortgage advisors.

We are here to help you understand the intricacies and find the best solutions tailored to your unique needs and financial goals.

Are there any alternatives to a let to buy in London?

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If a let to buy mortgage in London isn’t the right fit for you, there are alternative options to consider. One option is moving into temporary or rental accommodation, allowing you to explore a standard buy to let mortgage in London for investment purposes.

This route can be costly, and you might not meet the strict criteria set by mortgage lenders for buy to let properties. Additionally, breaking out of the rental cycle can be challenging.

Another possibility is seeking “consent to let” from your mortgage lender. This arrangement grants you a specific period during which you can rent out your current residential property while you move into your new home.

Though it may seem straightforward, the viability of this option depends on your specific mortgage lender’s policies. Furthermore, buying a new home while consent to let is in place can pose certain complexities that require careful consideration.

For expert guidance and tailored , our mortgage advisors in London are here to help you throughout this decision-making process.

How can a mortgage broker in London help with my let to buy mortgage?

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As a mortgage broker in London, our open and honest mortgage advisors possess a wealth of knowledge in the mortgage world, empowering many clients to become landlords through let to buy arrangements in London.

We take pride in being a trusted and respected team of expert mortgage advisors, dedicated to providing exceptional service to our customers.

To accommodate your needs, we offer flexible appointment times throughout the week, from early morning to late at night, subject to availability.

We understand that the mortgage process can be complex, and that’s why we’re always ready to address any questions or concerns you may have.

Our goal is to minimise stress as you embark on your property journey, ensuring a smooth and positive experience for you.

As part of our commitment to your success, we conduct thorough searches through thousands of mortgage deals on your behalf.

As a prospective let to buy landlord seeking a let to buy mortgage in London, we strive to find the best deals available, delivering more than just a mortgage – we aim to provide you with a truly satisfying customer experience.

To get started on your mortgage journey, book your free mortgage appointment online and speak to a dedicated mortgage advisor in London today.

Let us guide you towards achieving your property goals with confidence and peace of mind.

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Our Simple Mortgage Process

Free 30-Minute Mortgage Appointment

Step 1

To find out what investment goals are achievable, you are best speaking with a dedicated let to buy mortgage advisor in London.

During this appointment, your mortgage advisor will determine whether it is best to take out an interest-only let to buy or a repayment mortgage.

We Can Search 1000s of Mortgage Deals

Step 2

Our mortgage advisors in London search through 1000s of mortgage deals to find the best let to buy mortgage product that may help your investment goals!

We will then get your mortgage agreement in principle, which can be a great tool to support all the property purchase offers you want to make.

Submit Your Mortgage Application

Step 3

When your offer has been accepted, your mortgage advisor in London will submit your full mortgage application and forward any evidential documents to the lender.

During this process, your mortgage lender will stress-test your projected rental income to ensure you can afford all monthly payments, plus some additional costs.

Protecting You and Your Mortgage

Step 4

Whether you are a new or existing landlord with several properties to your name, making it is important to recommend relevant insurances to cover you in times of need.

We will also contact you when your let to buy the mortgage needs to be renewed to make sure you are on the most suitable deal for your investments.

Reasons to Choose Us

Free Mortgage Review

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As a company, we always aim to make the process as simple, stress-free and jargon-free as we possibly can. To gain a deeper understanding of the relationships we form with landlords and the service levels they receive, please take a look at our genuine customer reviews. You’ll come to realise why so many choose us for their let to buy in London.

1000s of Deals

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The process of obtaining a mortgage on a let to buy in London is never easy. We’re here to make the process as simple as we can. Our team have a lot of experience with mortgages for a let to buy in London, forming relationships with landlords who come back time and time again for their mortgage needs.

Our Service

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As an experienced mortgage broker in London with a long history of helping customers with their let to buy in London, we always work hard to ensure that our customers are well-guided and supported, all throughout their mortgage process.

We make sure that we keep up to date with the latest buy to let legislation and mortgage lending criteria. Doing this allows us to continuously provide our customers with accurate, reliable and appropriate mortgage advice in London. Your trusted mortgage advisor in London will be by your side from your first point of contact, all the way through to completion.

7 Days a Week

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Our mortgage advisors in London will be available all throughout the week, from early on in the morning, until late at night. That even covers weekends and some bank holidays! We’re available at a time that best suits you and your busy schedule.

Malcolm and Amy Davidson - Mortgage Advice in London

We Search 1000s of Let to Buy Mortgages in London

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Affordability FAQs for a Let to Buy in London

How much can I borrow for a let to buy mortgage in London?

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Your borrowing capacity hinges on the projected rental income. Mortgage lenders typically require rental income to exceed mortgage payments by 25-30%.

If the rental valuation falls short, you may need a larger deposit. To estimate rental income, consult local agents or browse online listings. Being well-informed ensures a smoother mortgage process.

Do I need a deposit for a let to buy in London?

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For your existing property, most mortgage lenders need a 25% deposit (75% LTV). You can use equity as part of the deposit, and some lenders might accept a higher LTV if 25% is challenging.

Additionally, rental income should cover at least 125% of your monthly mortgage payments. Aim for a 10% or higher deposit for your new home, as larger deposits provide more options and better rates. Residential mortgages primarily consider borrowing capacity and credit score. Stay well-prepared for a successful mortgage journey.

How much do I need to earn for a let to buy mortgage in London?

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The income needed for a let to buy mortgage in London depends on the lender’s affordability criteria. Typically, lenders assess your annual income to ensure you can comfortably afford both the mortgage repayments for the property you want to let out and the one you plan to live in.

As a general guideline, most lenders require your total annual income to cover at least 125% of the mortgage payments for the let to buy property, as well as your residential mortgage payments.

Income requirements can vary among lenders. To determine the exact income threshold for your let to buy mortgage application, it’s best to discuss your specific circumstances with a mortgage advisor in London. They can help you find the right lender that aligns with your financial situation and goals.

Mortgage Guides & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at

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