Let to buy
We are currently seeing an increase in demand for rental properties. More and more people who are looking to move home are choosing to ‘let’ their existing property, rather than ‘sell’. This not only enables them to take advantage of the high rental yields on offer, but also puts them in a stronger position as a buyer, because they do not have a property to sell and therefore break ‘the chain.’
In this scenario, we can look to switch a client’s existing mortgage to a new lender, increasing the mortgage advance so that a deposit is available for the new purchase. It may also be possible to achieve this without changing the existing mortgage provider.
Most lenders will require the potential rental income to exceed the cost of the revised mortgage payment, but some lenders will completely ignore the let property and assess the application solely on the new purchase.
There is no limit to the number or properties or mortgages that an individual can have, but as with any lending, the criteria varies enormously and only an independent adviser can offer the full choice from the whole intermediary market.
- Find you the best, most suitable mortgage
- Help you with all the forms and documentation
- Liaise with the lender and provide you with constant feedback until you have moved into your new home
You are our client and our service to you is our highest priority