Let to Buy Mortgages
If you want to move house but you’re struggling to sell your current home or your property has dropped in value, let to buy is something you may want to consider. Letting out your property could allow you to move into a new home without feeling pressure to sell in a rush and potentially at a loss.
If you own enough of the equity in your property, you could remortgage and release some cash to put down a deposit on a new home. You would then let out your existing property and use the rental income to cover the cost of the mortgage. This in turn will free you up to take out a mortgage for a new home and cover the repayments with your salary or other sources of income.
Although some lenders will allow you to let out your home on a residential mortgage, this will normally only be on a temporary basis. So unless you are only going to be letting it out for a short time, it is likely you will need a buy to let mortgage.
If you are struggling to find a buyer and you don’t need to move, then it may also be worth considering staying put for now and investing some money in improving your current home. You could perhaps add an extension, redecorate or make changes to the garden.
Depending on your circumstances, you may be able to fund these changes through remortgaging your current property. Our advisers can help you to decide if this is the right option for you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Speak to our expert mortgage advisers today on 01244 904 410