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Let to buy - Keeping Your Current Property While Buying a New One

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Many people contact us because they want to move home - usually to a larger more expensive property via a let to buy.

The usual scenario is that a home move includes the sale of your current property. With that money, you have the equity for the deposit on the new one.

But what if you have the deposit funds elsewhere and don't need to sell your home?

You may decide to keep your current property and rent it out. This is called let to buy (not to be confused with buy to let).

The criteria for each individual's situation varies from lender to lender, but these requirements may apply:

  • The lender on your current property will want you to take out buy to let buildings insurance because you are going to have tenants.
  • This lender may also require you to change the mortgage to a buy to let product.
  • The lender on your new property will likely want to know that your existing mortgage is self-funding (we would calculate whether or not this was the case)
  • They will want to know that potential rental income you quote is accurate.
  • They may also want to see a consent to let letter from your current lender or evidence that you have changed the mortgage to a buy to let.

Please contact us in confidence for further information.

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Building 3, City West Business Park, Gelderd Road,
Leeds, LS12 6LX

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We are 24/7 independent, Whole Of Market Mortgage Brokers

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Consultatation without obligation

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Building 3, City West Business Park,
Gelderd Road, Leeds, LS12 6LX
0800 0029555
0113 815 0484
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