If you are moving and have decided not to sell your current home and perhaps need to release some equity to fund the purchase, this is referred to as a Let to Buy mortgage.
Can I just stick with my current lender?
Yes this is possible, but you should contact your current lender and ask for ‘permission to let’. Some lenders will charge you a fee for this service and may charge you a higher rate of interest.
Can a Let to Buy mortgage be interest only or repayment?
Yes, you can choose either interest only or repayment options on all Let to Buy mortgage products.
How does the process work?
In all circumstances, you will need to evidence that you are genuinely moving to a new property. The let to buy lender will want see a copy of the mortgage offer for your new purchase and may require that both mortgages complete simultaneously.
Is the criteria the same as a buy-to-let mortgage?Yes, the criteria is identical to a buy-to-let mortgage, with the additional checks to ensure you are genuinely moving. At the Mortgage Marketplace, we will manage both applications in tandem, keeping you informed at every stage.