>

Let to buy

What is let-to-buy? 
Let out your own property and buy another.

Let-to-buy is when you rent out your existing home and buy a new one to live in. Basically, it involves having two mortgages simultaneously. You change your current mortgage to a buy-to-let mortgage so you can let out your current home, and then take out a standard residential mortgage on the home you're buying.

You can use the equity in your current home to allow you to move to a new home, whilst keeping your existing home as a long term investment asset.

Are you in a rush to move to a new home and don’t want to wait to sell your home then a let-to-buy would be a great option for you? It could be you are struggling to sell your home due to the market condition. Do you want to buy a property with a partner, but want to keep ownership, as you may want to move back in the future, then a let-to-buy would be suitable?

Here are the differences between let-to-buy and buy-to-let
A let-to-buy is where you buy a new home to live in yourself and rent out your current home. A buy-to-let is a purchase that will be rented out.


Let-to-buy mortgages
Before you can rent out your current home, you will need to switch your mortgage, as operating a buy-to-let property with a residential mortgage would breach the terms of your home loan.

What you need to do is change your residential mortgage to a buy-to-let-mortgage.

With ‘let to buys’ Cooper Adams will help you on the mortgage front and advise you on your letting, we can also help you find your new home.

NOT READY TO SELL YET?

MEET UP WITH ONE OF OUR PROPERTY PROFESSIONALS TO DISCUSS YOUR FUTURE PLANS

ARRANGE A FREE ADVICE MEETING