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Bridging Finance
Specialist Mortgages

Like a buy-to-let mortgage but turned
on its head with different criteria.

If currently own your home and want to move, but can’t or don’t want to sell your home, a let-to-buy mortgage could provide a workable solution.

The loan to values and the interest rates available are exactly the same as a buy-to-mortgage as is the lender’s criteria, but there are additional lender requirements.

If you decide to let your current home, you will need your lender’s permission to let or switch to a new let-to-buy mortgage. When you apply for your new residential mortgage you will need to evidence that the let to buy mortgage is affordable.

If you do need a let-to-buy mortgage, in most circumstances both the let-to-buy mortgage and the ongoing purchase mortgage will need to legally complete on the same day.

What is a Let to Buy Mortgage?

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.

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The Mortgage Marketplace