Many people come across the property of their dreams and want to buy it straight away before they sell their current home.
This can be for a number of reasons:
1. They don’t want to sell current home, and keep as an investment.
2. They are on a tight time scale and so don’t have time to wait.
3. They want to rent out their current house to top up their income.
4. They need to raise a larger deposit for their new home.
This is where Let to Buy mortgages can be an essential tool. The lender allows you to rent out your current property whilst buying your new property.
The mortgage on the Let property will not normally reduce their affordability.
By switching to a Let to Buy mortgage they may raise additional funds to put towards a new home.
Seek professional advice as not all lenders will allow Let to buys and will want you to demonstrate you can afford both mortgages.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT.