Free Property Advice - Let To Buy
Let To Buy Mortgages
Many of us are now familiar with Buy To Let schemes. These have
become increasingly popular with investors in recent years, allowing
the purchase of additional properties, with a mortgage safeguarded
by predicted rental income.
But what is a Let To Buy mortgage?
Let To Buy simply means the opposite of a Buy To Let. The additional
property you are purchasing is the one you will be living in, and
your current abode is the one you will be renting out. So it is your
current home on which you will need to get a rental prediction from
a surveyor or letting agent in order to satisfy the mortgage lender.
This is a good way to keep hold of your property, whilst you buy
somewhere else and live in it. Personal situations may require you
to relocate - this allows you to do that and not sell your existing
property, which can also help in the building of a property
portfolio.
With a Buy To Let mortgages, you would typically need a 15% deposit,
although schemes differ, but Let To Buy allows you to have a smaller
deposit, possibly no deposit at all, depending on the amount of
equity you have in your home.
If you current property is a leasehold, you may need to check with
the freeholder that you are allowed to rent it out.
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