Let to Buy Mortgages
Prospect Mortgage Services provide independent, sound and honest advice for your mortgage and protection needs.
A Let to Buy arrangement is where you use a Buy to Let mortgage to refinance your current home, as you intend to rent it out to tenants rather than to sell it. You are doing this in order to buy a new property for you to live in. This can be an excellent solution when it is difficult to sell a property or if you want to keep a desireable property as an investment opportunity. The rental income can service the new Buy to Let mortgage and, over time, equity will likely accrue in the property.
The conditions of your Let to Buy mortgage will state that you cannot live in your rental property. Normally, the purchase of the new residential property will be simultaneous with the new Let to Buy arrangement. In addition, please be aware that additional stamp duty will be payable as this will be an additional property purchase.