Let to buy mortgage

How does a let to buy mortgage work?

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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.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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.
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.

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!

Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.

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   Glen Jacobs 
 
 
 
 Trustindex verifies that the original source of the review is Google. Very professional team, from start to finish. Highly recommended!!
  
 
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   Moinul Hassan 
 
 
 
 Trustindex verifies that the original source of the review is Google. Foster Financial has provided an excellent service throughout the five years I have been with them. Most recently, despite the complexity involved in transferring the share of a property, they were extremely supportive and introduced me to a firm that completed the work efficiently and professionally. I am truly grateful for their help and would confidently recommend Foster Financial to anyone seeking fast, reliable and trustworthy service.
  
 
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   Emma Hipperson 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great service, very helpful and quick to get back to us with any queries we had. Such a smooth easy process. Would definitely recommend.  Thank you 😊
  
 
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   Jane Bryant 
 
 
 
 Trustindex verifies that the original source of the review is Google. We've been very happy with the service we have received from Fosters Finsncial. They helped us find our mortgage 5 years ago. This year our 5 year fixed rate ended and they help us to find a competitive rate. Excellent service, no complaints!
  
 
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   Milly Markwell 
 
 
 
 Trustindex verifies that the original source of the review is Google. Brilliant and reliable company. Oliver was very knowledgeable and helpful with any questions we had as first time buyer!
  
 
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   John Gribble 
 
 
 
 Trustindex verifies that the original source of the review is Google. Been splendid, punctual, quick, professional. Breath of fresh air compared to past experiences with other companies. Appreciate the positivity and 'can do' attitude. Makes a big difference.
  
 
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   Will Ellis 
 
 
 
 Trustindex verifies that the original source of the review is Google. Ashley and the team at Fosters Financial were very helpful in advising us through getting a mortgage secured for our new home, helping answer anything and everything in the process. It felt like having a friend to call on for guidance and to do the heavy lifting for you. Thanks Ashley!
  
 
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   Michelle Brown 
 
 
 
 Trustindex verifies that the original source of the review is Google. ⭐️⭐️⭐️⭐️⭐️ Five-Star Service!

I’ve been using Fosters Financial for the past 2.5 years and I honestly can’t recommend them highly enough. Isaac is absolutely brilliant!

He has helped me with my mortgage transfer when I moved home and, more recently, my remortgage at the end of my two-year fixed term. Throughout both processes, Isaac has been extremely knowledgeable, helpful and patient. He is always available to answer my questions or explain things again when I don’t quite understand them.

He genuinely takes the stress out of the
whole process, and everything has always been handled smoothly and professionally.

I wouldn’t use another broker and have already recommended Fosters Financial to friends, family and work colleagues. **Five-star service from start to finish!
  
 
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   Chris E 
 
 
 
 Trustindex verifies that the original source of the review is Google. Isaac at Fosters helped us to buy our first property 2 years ago and is currently helping us to buy our second. In our view, he is the benchmark for what a broker should be: professional, honest, and able to deliver on what he says and quickly at that.

We wholeheartedly recommend him.
  
 
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   Katrina Alcock 
 
 
 
 Trustindex verifies that the original source of the review is Google. Once again, the service from Fosters has been exceptional. Amy Lombardi and Katy Canham were always responsive, helpful, and ready to answer any questions. Richard Moon supported us with our life insurance, ensuring we had the exact coverage we needed with an honest, no-pressure approach. Fosters made the entire process smooth and took the stress out of sorting one of life's essentials. Highly recommended!