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What is let-to-buy?

Let-to-buy is where a mortgage borrower keeps hold of their existing home and rents it out to tenants, and then buys a new home for themselves and their family to live in.


It is a bit like an upside-down version of buy-to-let, but with buy-to-let you purchase a property with the intention of renting it out. With let-to-buy, you purchase a property with the intention of moving into it, and you let your existing home to tenants.


Why bother?

Letting to buy might seem a little bit complicated, if all you really want to do is move house. Surely selling your property and buying another is more straightforward?


The trouble is it’s not always possible, or desirable, to sell your own home at the exact same time you want to buy another, so letting to buy gives you another option. In fact, it offers a lot of benefits and can suit borrowers in a range of different situations.


Who can benefit?

Perhaps you really need to move home (because of a growing family or job relocation), but you are not able to sell your current home. Maybe you just aren’t getting any interest from buyers, or the market is depressed in the area you live and you would make a loss if you sold at current market value.


But you may not be willing to take a massive financial hit on your existing property, especially if you have a large mortgage on it.


At the same time it’s possible that the rental market in the same area is pretty healthy, and you might be able to easily let your home for a tidy sum. This isn’t as strange as it sounds, as the private rented sector is positively booming.


How do you do it?

This is where we come in. 


Letting to buy is an increasingly tempting option for many homeowners, but it is a niche area and one that you should seek guidance on.  We understand how this type of mortgage works, plus have access to many lenders that allow a let-to-buy deal.


For more information on how we can help, why not get in touch with us.