Let to buy mortgage

How does a let to buy mortgage work?

Let to buy mortgage
Let to buy explained

Want to rent out your current home and buy a new property to live in at the same time? Watch our video to find out how a let to buy mortgage can help you do just that!

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Let to buy mortgages

A let to buy mortgage enables you to rent out your current home and buy a new one to live in. To do so, you need to change your current mortgage to a buy to let mortgage and take out another mortgage for your new home.

As you will need to arrange two new mortgages and ensure they both complete at the same time, seeking help from a whole of market mortgage broker is advisable. A let to buy mortgage broker like Fosters Financial, will be able to explore all the options available and tell you whether it is the best option for you. Many let to buy mortgages are also only available via a mortgage broker. So, they will not only be able to find the best let to buy mortgage rates available to you. But also manage the entire application process for you.

Mortgage moving house
  • Is let to buy a good idea?

    Let to buy can be a great option. It is mostly used by homeowners to move house, whilst they let or wait to sell their existing property. But it is also popular with those looking to move away temporarily and retain their homes.

    As everyone’s needs are different, it is important to check whether a let to buy mortgage is right for you. If you are interested in discovering your options, then speak to one of the brokers at Fosters Financial today.

  • Let to buy mortgage criteria

    If you need to switch your current deal to a buy to let mortgage, the rental income from letting your existing property will need to sufficiently cover your mortgage repayments. The amount will generally need to be around 145% and you will also need a minimum deposit of 20%. But if you want to access the best let to buy mortgage rates, then 25% or more is recommended.

  • Let to buy stamp duty

    As you are buying a second property, you will need to pay an additional 3% on top of the standard residential Stamp Duty Land Tax (SDLT) rates. But if you sell your existing home within three years, you can apply for a refund.

    Use our handy stamp duty calculator to see how much let to buy stamp duty you will need to pay.

  • Consent to let

    If you only want to let your current home for a short amount of time, your mortgage lender may give you ‘consent to let’. This would effectively enable you to let out your home, without having to change your mortgage. Every lender is different, so it is important to check what their policy is, which we can help you with.

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Verified
Excellent advice and service We received excellent advice and service from our broker Liz and from Zoë our case handler. Communication was brilliant from the get-go. Liz went above and beyond to get us the mortgage that suited us best. We feel very lucky to have had her in our corner. Zoë navigated us through the application process and within a super quick time we had the mortgage to buy our dream house. Thank you Fosters, we will use you again.
BPC, sudburyHC
BPC, sudburyHC
2021-06-18
Verified
Excellent service throughout my dealings with them , the adviser was very professional, and helpful and things were done in timely manner. Good company, I will definitely recommend them.
Mrs R
Mrs R
2021-06-15
Verified
Amazing support throughout the process Joanna has been amazing throughout. Really supported where others have failed and kept me fully upto to date throughout. Will definitely use again in 2 years time
Andy Corbett
Andy Corbett
2021-06-09
Verified
AMAZING TEAM OF PEOPLE As a first time buyer I had no idea where to start from so I spoke to a few brokers. Whilst those brokers were good, you guys at Forster's Financial are the best. Tara I cannot thank you enough for your patience and dedication. You understood my awkward working pattern and always accommodated me. I'm so grateful to you all for making the whole process of mortgage and insurance application as stress free as it could be. You took the time to research the market and found me the best deal which suited my needs. I couldn't have asked for a better service. Many thanks to you Tara, Gemma, Carrie and Travis...you are simply the BEST!!
Sheila Morton
Sheila Morton
2021-06-07
Verified
When we decide to move house we wanted to port our existing morgage, this was proving more difficult than we thought and we need some professional guidance. We got in touch with Fosters Financial where Jonathan and Connor took on our morgage port, I can't recommend these guy's enough, they have been professional, honest and determined from day 1. Jonathan also helped my 23 years son with his first morgage, which again is so difficult for our younger generation. If you are reading this I promise you don't need to look any further you have already found the best!
Maria
Maria
2021-06-06
Verified
EXCELLENT SERVICE Worked with Joanna and Zoe on 3 different transactions, a Buy to let, Let to buy and a residential purchase. The service we received was excellent, quick responses even on weekends and late in the evenings Joanna worked tirelessly to get us the best deals with really good interest rates that we did not expect. Joanna held our hands through the whole process, explaining all stages. Joanna is very organised and efficient which made the process much easy and quick. Joanna searched the market for competitive rates for us which saved us a lot of money and reduced our monthly mortgage payments. We would recommend Joanna to anyone looking for an excellent service and good rates.
A S Hewitt
A S Hewitt
2021-06-03
Verified
Great service, Joanna and Gemma for the win! I received a great service from Fosters Financials. Joanna especially was a great help from the get-go and managed to secure me a mortgage offer that no other broker even came near to. Really impressed throughout and would 100% recommend. Thanks again guys!
Seyi
Seyi
2021-06-02
Verified
Joanna went above and beyond her role and was exceptional Our experience with Fosters was an extremely positive one. Our broker was Joanna who went above and beyond her role. Joanna took us step by step through our illustration and all the costs involved, allowing us to ask questions without feeling like we were asking stupid questions. Joanna had an exceptionally clear and concise way of explaining complicated "jargon" making documents extremely easy to understand. We did have a couple of hiccups along the way not created by Joanna or Fosters. However, Joanna was fully on board to do everything she could to push things through for us and to listen to our frustrations and share them while reassuring us when we were concerned. Joanna realised how time senstive our case was and put this at the forefront when dealing with it. Keeping us informed every step of the way, updating us about how our case was progressing - giving us timescales of how long each process took. Now we have been offered a mortgage and I don't think we would have gotten to this stage without Joanna's expertise and efficiency. We really want to thank Joanna and also would like the higher team to know how valuable she is to your team and your organisation as a whole - I would love it if she was overseeing every part of the application process. Thanks very much Joanna!
Craig Maxwell
Craig Maxwell
2021-05-31
Verified
Tara and Gemma have been so helpful and informative throughout my whole process. Being a first time buyer I have obviously had loads of questions as I have no idea what I'm doing! Having also spoken to several advisors, I chose to stick with Tara as she explored every avenue and explained what may work for me before I had even had an offer accepted on a property and she kept in touch throughout my viewing process without making me feel too smothered. Thank you so much Tara and Gemma!!
Abigail Weightman
Abigail Weightman
2021-05-28
Verified
Jonathan has been been fantastic with the service he has provided. He was really helpful with my mortgage application and I am so grateful for all his help!
Clifford Ero
Clifford Ero
2021-05-27
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The Financial Conduct Authority does not regulate most buy to let mortgages.

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