A Let to Buy mortgages is a financial product that allows homeowners to rent out their current property and purchase a new home to live in. This type of mortgage is ideal for those who want to move to a new home but keep their existing property as an investment.
- Valuation and Rental Income Assessment: The first step is to have your current property valued to determine its rental potential. Lenders will require a rental income assessment to ensure the property can generate enough income to cover the mortgage payments.
- Mortgage Application for New Home: You will then apply for a residential mortgage for your new home. The equity in your current property can be used as a deposit for the new property.
- Let to Buy Mortgage on Current Property: Your current mortgage will be converted into a Let to Buy mortgage. This allows you to rent out your existing home while securing a new mortgage for your next home.
- Investment Opportunity: Retain ownership of your current property and benefit from potential rental income and property value appreciation.
- Smooth Transition: Move to a new home without the pressure of selling your current property immediately.
- Flexibility: Offers the flexibility to return to your original home if your circumstances change.
- Equity in Current Property: Sufficient equity in your current home to use as a deposit for the new property.
- Rental Income Potential: The expected rental income must cover the mortgage payments on your existing property.
- Affordability Checks: Lenders will perform affordability checks to ensure you can manage both the Let to Buy mortgage and the new residential mortgage.
- Consultation: Speak with a mortgage advisor to discuss your needs and financial situation.
- Valuation: Arrange for a property valuation and rental assessment.
- Application: Submit applications for both the Let to Buy mortgage and the new residential mortgage.
- Approval: Upon approval, complete the necessary legal and financial arrangements.
- Transition: Rent out your current property and move into your new home.
- Expert Advice: Our team of experienced mortgage advisors will guide you through every step of the Let to Buy process.
- Personalised Service: We offer tailored mortgage solutions to fit your unique circumstances and financial goals.
- Comprehensive Support: From valuation to mortgage approval, we provide comprehensive support to ensure a smooth transition.
Find the right mortgage for your needs with clear, personalised guidance from Pera Mortgages.
Embark on your mortgage journey with confidence alongside Pera Mortgages.
As UK-based mortgage brokers, we understand the complexities of the market. Let our seasoned experts steer you through the maze of options, ensuring a seamless experience tailored to your needs.
As UK-based mortgage brokers, we understand the complexities of the market. Let our seasoned experts steer you through the maze of options, ensuring a seamless experience tailored to your needs.
Embark on your mortgage journey with confidence alongside Pera Mortgages.
As UK-based mortgage brokers, we understand the complexities of the market. Let our seasoned experts steer you through the maze of options, ensuring a seamless experience tailored to your needs.
As UK-based mortgage brokers, we understand the complexities of the market. Let our seasoned experts steer you through the maze of options, ensuring a seamless experience tailored to your needs.
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