- To 85% Loan to Value
- Manual Assessment Lenders
- Professional Landlords Considered
- No maximum age for residential & buy to let mortgages Lenders
- No Credit Scoring Application for Some Lenders
- No Onward Purchase Required
- Low Rates
Let to Buy
Mortgages that allow you to let your existing home and buy a new home to live in are often termed “let to buy mortgages”. Let to buy mortgages replace your existing residential mortgage on your home with a buy to let mortgage.
Lenders typically tell us they are seen as higher risk than a traditional buy to let mortgage. The main reason for this is that they require confirmation that you are actually leaving your home and plan to let the property out. Most lenders will require proof of an onward purchase to prove this is indeed happening.
Clients often tell us that some lenders will not consider a “let to buy” scenario at all, whereas other lenders will restrict the amount of borrowing or require a much larger deposit than in a standard situation.
Clients approaching us to arrange a let to buy mortgage are often frustrated, that although their plans makes sense, they have spoken to a number of lenders who will not consider a mortgage for
them for a variety of reasons. This could be because:
- They just don’t meet the lenders policy
- They are not planning to purchase a new home (e.g. are going to rent in the UK or overseas)
- They just don’t have the funds available to meet the deposit requirements for the lender
At Rockhopeer we understand that every case is different and that no clients are ever the same. That is why we apply a common sense approach to assessing whether we can assist.
If you would like to see whether we can help you raise a let to buy mortgage on a property, do get in touch for a free no obligation quotation.