A Let to Buy Mortgage is an ideal solution for homeowners who want to move to a new property while still holding on to their existing home. Whether you’re looking to upgrade, downsize, or relocate, a Let to Buy allows you to buy a new property and rent out your existing home, creating a seamless solution that can maximize your property investment.
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At Artillium Finance Partners, we specialize in helping homeowners navigate the complexities of Let to Buy mortgages, ensuring that you can unlock the potential of your existing property to secure your new home. We offer expert advice on the best mortgage deals available, as well as the flexibility to help you make informed decisions about your property portfolio.
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How Artillium Can Help You with a Let to Buy Mortgage:
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Buy a New Home, Keep Your Existing Property: A Let to Buy mortgage allows you to buy a new home without selling your existing property. By remortgaging your current home into a buy-to-let mortgage, you can release the equity tied up in it and use this as a deposit for your new property, allowing you to move without the pressure of having to sell first.
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Financial Flexibility: With a Let to Buy mortgage, you’re not limited to just one property. You can build a property portfolio by renting out your existing home while also securing a mortgage for your new one. This can create additional income from rental payments and increase your investment opportunities.
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Increase Your Borrowing Potential: If you’re holding onto your existing property and renting it out, the rental income generated from the property can be factored into your affordability calculations. This could increase the amount you’re able to borrow for your new home, providing greater financial flexibility and potential to move into a larger property.
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Maximize Equity: If your current property has appreciated in value or has significant equity, a Let to Buy mortgage can allow you to release that equity to put toward the purchase of your new home. This can be particularly beneficial if you’re looking to upgrade to a more expensive property but don’t want to sell your current home.
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What You Need to Know About Let to Buy Mortgages:
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Remortgage Your Existing Property: The first step in securing a Let to Buy mortgage is to remortgage your current home as a buy-to-let mortgage. This means that you’ll be able to rent the property out legally, while continuing to use the equity in your home to secure your new property.
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Rental Income Consideration: Lenders will assess the rental income potential of your existing property to ensure it covers the cost of the mortgage on the property. Depending on the lender, they may require that the rental income covers at least 125%-150% of the mortgage payment on your current property.
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Eligibility Criteria: To qualify for a Let to Buy mortgage, you’ll need to meet certain eligibility criteria, including having a good credit score, the ability to prove your income, and sufficient equity in your current property. Our team at Artillium Finance Partners will help you assess your eligibility and ensure that you’re prepared for the process.
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New Property Mortgage: Once your current property is set up as a buy-to-let, you’ll be able to apply for a standard residential mortgage for your new property. The mortgage application process for your new home will depend on your financial circumstances, but having the rental income from your existing property can increase your chances of approval.
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Lender Requirements: Different lenders have different criteria for Let to Buy mortgages, so it’s important to work with an expert who understands the options available to you. Artillium works with a wide range of lenders who specialize in Let to Buy solutions, ensuring we can find the best deal for your situation.
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Why Choose Artillium for Your Let to Buy Mortgage:
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Expert Guidance and Support: A Let to Buy mortgage can seem complex, especially with two properties involved. Our team at Artillium Finance Partners is here to guide you through the process, from remortgaging your existing property to securing a mortgage for your new home. We will help you understand your options, eligibility, and the best route forward.
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Access to a Wide Range of Lenders: We have strong relationships with multiple lenders who specialize in Let to Buy mortgages, allowing us to offer a wide selection of products that cater to your specific needs. Whether you're a first-time buyer or an experienced homeowner, we can find the right product for you.
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Tailored Advice for Your Property Goals: We’ll help you plan your Let to Buy mortgage around your financial goals and lifestyle. Whether you’re moving to a new home, investing in a second property, or planning to build a property portfolio, we’ll work with you to find the most suitable mortgage options.
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Ongoing Support Throughout the Process: We don’t just help you secure the Let to Buy mortgage; we’re with you every step of the way to ensure that the process is smooth and straightforward. We provide ongoing support to help you manage your mortgage, whether you’re renting out your property, refinancing, or purchasing a new one.
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Take the Next Step Towards a Let to Buy Mortgage:
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If you’re interested in exploring Let to Buy mortgages and how they can help you unlock the potential of your property portfolio, contact Artillium Finance Partners today. Our expert team will help you navigate the process and secure the right mortgage for your needs.
Book your free consultation now to discuss how a Let to Buy mortgage can work for you.