Many people contact us who want to move home - usually to a larger more expensive property via a 'let to buy'.
Of course the usual situation is that a home move includes the sale of your current property to raise the equity for the deposit on the new one.
However, what if you have the deposit funds elsewhere and don't need to sell your home?
You may want to keep your current property and rent it out? How do you approach this?
Well, this is the classic let to buy situation (not to be confused with buy to let).
From the point of view of the lender on your current property they will want to see certain things in place such as buy to let buildings insurance (as you are going to have tenants). They may also require you to change the mortgage to a buy to let product.
The lender on the new property will normally want to know that the exisiting mortgage is self funding and the potential rental income you quote is accurate. They may also want to see a 'consent to let' letter from your exisiting mortgage lender or evidence that you have changed the mortgage to a buy to let. The criteria in this situation is different with each lender.
Please contact us in confidence for further information.