Compare let-to-buy mortgages
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Let-to-buy mortgages are popular among homeowners who need to move, but don’t want to sell up immediately because their property’s value has plummeted. They’re also commonly taken out by homeowners moving in with a partner.
Often, you’ll also have the opportunity to release equity from your old property, in order to fund a mortgage deposit from your new one.
As with buy-to-let mortgages, you can expect to pay higher interest rates than those offered by residential mortgage providers.
Let-to-buy mortgage lending criteria
Each lender will have slightly different minimum lending criteria for their let-to-buy mortgages, but here are some standards shared by many of them.
You’ll be put through the same affordability assessments and credit checks as you would for any other mortgage.
The lender will typically want to see evidence that you could afford the monthly mortgage repayments, even during void periods lasting a few months.
It may be possible to be approved for a let-to-buy mortgage with poor income and bad credit if you approach a specialist lender. A professional mortgage adviser will be able to recommend you the lenders most likely to work with you based on your financial circumstances.
It may be possible for you to add a “consent to let” to your residential mortgage. This will allow you to let out your property without seeking a let-to-buy deal.
However, “consent to let” deals are often available for a short-term period, plus you’ll need to have been living in the property for a few months to be offered one.
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