Mortgage Types

Let to Buy

This is where a borrower wishes to move house but instead of selling their current property they decide to let it to a third party. As long as the proposed rent at least covers the mortgage, the new lender can class the property as being ‘self funding’. When calculating affordability on the new property, the existing property, and the mortgage on it, are effectively ignored. However, it should be noted that the borrower has the ultimate responsibility to ensure that mortgage payments are being made on both properties. Lots of lenders have different rules regarding this type of mortgage so please contact us so that one of our let to buy specialists can assist you.