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What is a Buy-to-Let Mortgage?
A buy-to-let mortgage is a loan secured against the property that you will let out. You can rent the property to individuals, a company or to a family member, depending on the lender. Mortgage rates and fees are typically higher on a buy-to-let mortgage when compared to a residential mortgage. The loan amount for a buy-to-let mortgage can be based on both the income generated from the rent and your earned income.
What is a Let-to-Buy Mortgage?
Let-to-buy mortgage is different from your typical buy to let, in this scenario we will have a homeowner who will be looking to rent their current home to then buy a new residential property.
We can assist our clients in both instances; helping them release equity from their existing mortgage to put towards their new residential purchase. In some circumstances, we can look at using the potential rent income they will receive towards their new purchase to help boost their income multiples.
What is a Consent-to-Let Mortgage?
A consent-to-let can occur to a client where they are locked into a fixed rate residential mortgage, and they are having to move out to live overseas or buy a new residential home and they don’t want to pay any early repayment charge on their current mortgage product to change their mortgage to a buy to let mortgage.
Most lenders we deal with will offer their clients a consent to let directly, however you should always check with them before renting the property out.