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Mortgage & Equity Release - Call Us 0117 403 4474

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What is your mortgage for?

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5.04% 2 Year Fixed

  • 75% LTV Buy to Let Deal - Call now to secure
  • Overall cost for comparison 6.70%

Representative Example:

Mortgage of £120,000 on property valued at £200,000 over term of 25 years.

Rate fixed for 2 years after then reverts to Barclays variable rate of 6.74%.

Call us on 0117 403 4222

5.16% APR

  • Fixed 30/9/2027
  • Overall cost for comparison 4.50% APR

Representative Example:

Mortgage of £100,000 on property valued at £200,000 over term of 25 years. Fixed rate until 30/9/2027 after then reverts to the Lender's variable rate of 6.74%.

Call us on 0117 403 4222

How Do I Get A Let To Buy Mortgage

Fair Mortgages Let to Buy Mortgage Service

Special features of what we offer include:

  • Whole of market service - we can compare let to buy deals from most UK lenders

  • Latest Deals - Access to leading BTL market mortgage rates

  •  Exclusive Rates - Access to exclusive buy to let loan deals not available on high street

  • Fast turnaround - speak to us today if you need to move quickly

  • Specialist Lenders - We have lenders who will consider adverse credit, complex income, unusual properties, lending in retirement, short term finance.

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

You can call our mortgage broker team to discuss your let to buy requirements on 0117 403 4474 or request a callback. 

Right Bullets

How Do I Get A Let To Buy Mortgage

There are certain instances when a borrower may want to take out a ‘let to buy’ arrangement, for instance; you want to move but you are struggling to sell, or you want to purchase a new home with a partner but maintain ownership of your current property.

How let to buy works

Let to buy usually entails a borrower, who has a sufficient amount of the property’s equity, remortgaging to a mortgage that will permit them to rent it out; they then purchase a new home with a new residential mortgage, leaving the borrower in possession of two properties and two mortgages.

A borrower may also when remortgaging borrow more to raise the required capital to put down the deposit on their new residential property. Borrowers usually then use the rental income of their previous home to pay for its mortgage payments and use their other income to pay for the mortgage payments on their new home.

To do so a borrower may take out a buy to let mortgage, or a specially branded ‘let to buy; mortgage' that certain lenders now offer. 

Applying for a let to buy mortgage

It is possible to use either a normal buy to let mortgage or a special let to buy mortgage, which certain lenders now offer. There are some key differences with both of these types of mortgages when compared with residential mortgages:

  • Deposit: mortgages designed for a property that will be rented out tend to require larger deposits than residential mortgages, lenders often requiring deposits of around 25% this means if you do not currently have that much equity in the property you may find it difficult to convert the mortgage without paying the difference to the lender.

  • Costs: Buy to let mortgages tend to be a little more expensive than residential mortgages both with their arrangement fees and interest rate.

  • Affordability: Buy to let mortgage affordability is not usually calculated based upon a multiple of the borrower’s income and their outgoings; instead it is normally based upon the rental yield of the property. Lenders may require the monthly rental income of the property to be at least 125% of what the monthly mortgage payments would be, which needs to be based upon a professional rental valuation. 

Things to consider

Some lenders offer ‘consent to let’ agreements which will permit a borrower to let out their property while on their existing residential mortgage. This will normally be on a temporary basis and the borrower will need to prove that they would like to rent the property due to circumstances, and they did not originally intend to buy the property with the intention of renting it. This option would also not allow a borrower to raise more capital by borrowing more.

 Becoming a landlord is not for everyone, therefore you should carefully think about it before coming one and you will need to decide on various things such as whether you will let the home furnished or unfurnished, to a single household or HMO and if you will be using a letting agency or handling the property yourself.

Mortgage adviser

Individuals interested in getting a let to buy arrangement may benefit from using the services of an independent mortgage adviser, in addition to being able to offer impartial advice one that offers a whole-of-market service can use their professional knowledge to try to search across different providers on their client’s behalf.

To find out if Fair Mortgages could help you, you can fill in the online contact form on this page. Alternatively you can call directly on: 0117 403 4474

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