Let to buy mortgages

Let-to-buy mortgages represent a unique solution for homeowners looking to expand their investment portfolio while moving to a new primary residence. These financial products enable homeowners to convert their existing residential mortgage into a buy-to-let mortgage, thereby allowing them to rent out their current home and release equity to purchase a new one. However, like any major financial decision, let-to-buy mortgages come with their own set of complexities and considerations. This guide aims to provide an in-depth look into the world of let-to-buy mortgages, offering insights to help you decide if this is the right path for your property journey. Whether you’re exploring this option as an alternative to selling in a slow market or seeking to embark on a property investment venture, understanding let-to-buy mortgages is an important first step.

What is a let-to-buy mortgage?

A let-to-buy mortgage is a type of mortgage that allows a homeowner to rent out their current property and use the rental income to help qualify for a mortgage on a new property that they intend to live in. This mortgage solution can be particularly useful for homeowners who wish to move but may not want to sell their existing property. This could be due to various reasons, such as maintaining the original property as an investment, difficulty in selling the property, or wanting to retain the original property for future use.

How does a let-to-buy mortgage work?

A let-to-buy mortgage works by allowing you to borrow money to buy a new home while converting your existing mortgage to a buy-to-let mortgage so you can rent out your current property. Here’s a step-by-step guide on how it works:

Deciding to Let-to-Buy: The first step involves making the decision that you want to keep your existing property and rent it out while simultaneously purchasing a new property to live in.

Switching Your Current Mortgage: You will then need to speak with your current mortgage lender to ask for consent to let your property out. They may grant you ‘consent to let’, or they may ask you to switch to a buy-to-let mortgage. If your current lender does not agree, you may need to remortgage with a new lender who is willing to give you a buy-to-let mortgage.

Getting a Let-to-Buy Mortgage: You will also need to apply for a new residential mortgage for your new home. Lenders will consider your income and the expected rental income from your existing property when determining your affordability.

Renting Out Your Property: Once your buy-to-let mortgage is in place and you’ve moved into your new home, you can then find tenants for your old property. The rental income can be used to cover the cost of the buy-to-let mortgage.

Paying the Mortgages: Going forward, you will be responsible for paying both your new residential mortgage and your buy-to-let mortgage. Ideally, the rental income from your let property will cover its mortgage and potentially other associated costs.

Lending criteria for let-to-buy mortgages

Lending criteria for let-to-buy mortgages can vary among lenders, but typically they will consider factors like your personal income, credit history, the value of the property, and the potential rental income. Here are some of the key criteria:

Personal Income: You will need to have sufficient personal income to cover the mortgage repayments on your new home.

Credit History: Lenders will review your credit history to determine your reliability in repaying debts. If you have a history of missed payments, defaults, or other negative marks on your credit report, it could affect your eligibility.

Property Value: Lenders will require a valuation of your existing property to ensure it’s worth enough to secure the buy-to-let mortgage. They’ll also need a valuation of the property you’re looking to purchase.

Potential Rental Income: For the buy-to-let aspect of a let-to-buy, lenders will usually require that the potential rental income from the property is 125-145% of the mortgage payments, although this can vary between lenders. This assessment is often referred to as rental coverage or rental yield.

Equity in Your Existing Home: Most lenders will require you to have a certain amount of equity in your existing property. This amount will vary, but you can expect it to be around 25% or more.

Mortgage Affordability: Lenders will also assess your overall mortgage affordability by looking at your income, outgoings, and any other debts you may have.

Age Limitations: Some lenders have upper age limits at the end of the mortgage term.

Existing Mortgage History: Good repayment history on your existing mortgage could be a crucial factor for lenders.

Keep in mind that these criteria are subject to change and may vary from lender to lender. It’s also worth noting that buy-to-let mortgages, which are a part of let-to-buy arrangements, are usually not regulated by the Financial Conduct Authority (FCA). 

What are the fees associated with let to buy mortgages?

Let-to-buy mortgages often involve several different fees and charges, which can vary from lender to lender. Here are some of the potential fees to be aware of:

Arrangement Fees: Also known as product, booking, or application fees, these are charges by the lender for setting up the mortgage. They can be a flat fee or a percentage of the loan and can be quite substantial, especially for buy-to-let mortgages.

Valuation Fees: The lender will require a valuation of both your current property (to assess its rental potential and value for the buy-to-let mortgage) and the new property you’re buying. You’ll typically need to pay for these valuations.

Legal Fees: There will be legal costs involved in the process, particularly because you’re dealing with two properties. You’ll need a solicitor or conveyancer to handle the legal aspects of renting out your old home and buying your new one.

Broker Fees: If you’re using a mortgage broker to help find the best mortgage deals and guide you through the process, you may need to pay a fee for their services.

Early Repayment Charges: If you’re switching your current mortgage to a buy-to-let mortgage, and you’re still within an initial fixed, discounted or tracker rate period, you may have to pay an early repayment charge.

Higher Interest Rates: Typically, interest rates on buy-to-let mortgages can be higher than those for residential mortgages, which can increase your overall costs.

Stamp Duty Land Tax (SDLT): If the new property you’re buying is considered a second home, you might have to pay an additional 3% on top of the standard SDLT rates.

Letting Agency Fees: If you decide to use a letting agency to manage your rental property, you’ll need to consider their fees as well.

How much can I borrow?

The amount you can borrow with a let-to-buy mortgage depends on a number of factors, primarily your personal income, the expected rental income from your existing property, and your credit history. Here’s a bit more detail:

Personal Income: Lenders will assess your personal income to determine how much you can afford to borrow for your new residential mortgage. This will usually be a multiple of your annual salary, typically around 4-4.5 times, but it can vary depending on the lender.

Rental Income: For the buy-to-let part of the arrangement, lenders usually require the potential rental income from your current property to cover 125-145% of the mortgage repayments, though this percentage can vary between lenders. This means that the potential rental income from your property can impact how much you can borrow.

Credit History: A clean credit history with no missed payments or defaults will likely enable you to borrow more. Conversely, if you have a poor credit history, lenders may limit the amount you can borrow or may decline your application altogether.

Loan-to-Value (LTV): Lenders will also look at the LTV ratio, which is the amount of the loan compared to the value of the property. The more equity you have in your existing property, the more you may be able to borrow.

Affordability Assessment: Lenders will also look at your outgoings, existing loans or credit card debts, and other financial commitments to ensure you can comfortably afford the repayments on both your new residential mortgage and the buy-to-let mortgage.

How much deposit do I need?

The deposit required for a let-to-buy mortgage can depend on several factors, mainly revolving around the loan-to-value (LTV) ratios for the two separate parts of the transaction – the buy-to-let mortgage and the residential mortgage.

Buy-to-Let Mortgage: For the buy-to-let mortgage on your current property, lenders will typically require you to have a considerable amount of equity in the property. This is because buy-to-let mortgages usually have a lower loan-to-value (LTV) ratio than residential mortgages, meaning you’ll need a larger deposit. Lenders commonly require an LTV of 75% or lower for buy-to-let mortgages, which means you’d need at least 25% equity in your property.

Residential Mortgage: For the residential mortgage on the new property you want to buy, the deposit required can vary widely depending on the lender, your credit history, your income, and other factors. However, it’s common for lenders to require a deposit of at least 10-20%.

It’s important to keep in mind that these are general guidelines, and the exact requirements can vary from one lender to another.

Advantages of let to buy mortgages

Let-to-buy mortgages can offer several advantages for homeowners. Here are some of the potential benefits:

Property Investment: It allows you to keep your existing property as an investment. If property prices rise over time, you could benefit from increased property value.

Rental Income: By letting out your existing property, you can generate a rental income. This can help cover the mortgage payments for the property and possibly provide additional income.

Flexibility: A let-to-buy mortgage provides flexibility, particularly if you need to move quickly or unexpectedly for work or personal reasons or if you’re struggling to sell your current home.

Potential to Return: If you have a strong attachment to your existing property or area, let-to-buy offers the chance to retain the property should you wish to return in the future.

Avoiding the Property Chain: With let-to-buy, you are not relying on selling your property to move, which can help avoid being stuck in a property chain and can potentially speed up the moving process.

Testing the Landlord Waters: Let-to-buy can be a way of testing out being a landlord and entering the property rental market without fully committing to a full property portfolio.

However, it’s important to also understand the risks and challenges involved. These can include managing tenants, maintaining the property, potential periods without tenants (void periods), potential decreases in property value, and the financial commitment of having two mortgages.

Disadvantages of let to buy mortgages

While let-to-buy mortgages can offer several advantages, they also come with potential disadvantages that need to be carefully considered. Here are some of the main downsides:

Becoming a Landlord: By choosing a let-to-buy mortgage, you effectively become a landlord. This means dealing with tenants, maintaining the property, and complying with landlord responsibilities and regulations, which can be time-consuming and stressful.

Void Periods: There may be periods when your property is empty, known as void periods. During these times, you will still need to make the mortgage payments but won’t have rental income to help cover the costs.

Property Market Risks: Property values can go down as well as up, so you could face the risk of your property losing value. If property prices fall, you could end up in negative equity, where the amount you owe on the mortgage is more than the value of the property.

Difficulty Selling Later: If you decide to sell the property in the future, you could face challenges. Tenants have rights, and you may need to wait until their lease is up before you can sell the property.

Double Mortgage Risks: As you’ll have two mortgages, you’ll need to be able to afford both mortgage payments. If you fail to keep up with repayments, both properties could be at risk.

Higher Costs: Typically, buy-to-let mortgages can have higher interest rates than residential mortgages. There are also extra costs to consider, such as landlord insurance, letting agency fees, and potentially higher tax liabilities.

Stamp Duty Land Tax (SDLT): In the UK, you may have to pay an additional 3% in Stamp Duty Land Tax on top of the standard rates for the new property, as it could be considered a second home.

Who is let-to-buy suitable for?

Let-to-buy mortgages can be suitable for a variety of situations, but they’re not right for everyone. Here are a few examples of circumstances where let-to-buy might be a good fit:

You’re Moving but Can’t or Don’t Want to Sell: If you need to move for work or personal reasons but are having trouble selling your property, or if you want to keep your existing property for any reason, let-to-buy can provide a solution.

You Want to Invest in Property: Let-to-buy allows you to start a property portfolio while moving to a new house. This could be beneficial if you believe the value of your current property will increase or if you’re interested in generating a rental income.

Testing the Landlord Waters: Let-to-buy can provide an opportunity to try out being a landlord without fully committing to a full buy-to-let portfolio.

You Plan to Return to Your Original Home: If you’re temporarily relocating but plan to return to your original home in the future, let-to-buy can allow you to retain ownership of your property while covering costs through rental income.

However, being a landlord can involve significant responsibilities and potential challenges, such as property maintenance, tenant management, void periods, and possible changes in property value. Moreover, having two mortgages can put you at financial risk if you face any issues with repayments.

What is the difference between let-to-buy and buy-to-let?

While the terms “let-to-buy” and “buy-to-let” sound similar, they refer to different financial arrangements, each suitable for different circumstances.

Let-to-Buy:

Let-to-buy involves two simultaneous processes: letting out your current property and buying a new one to live in. In this scenario, you convert your existing residential mortgage into a buy-to-let mortgage (with your lender’s permission), then take out a new residential mortgage for your new home. This strategy can be useful if you need to move but cannot or do not want to sell your current home, allowing you to keep it as an investment while still buying a new home.

Buy-to-Let:

On the other hand, buy-to-let is a more straightforward investment strategy where you buy a property explicitly for the purpose of renting it out. You apply for a buy-to-let mortgage, which is typically interest-only and based on the rental income potential of the property rather than your income. Buy-to-let can be a way to earn rental income and potentially benefit from property price growth, but it comes with the responsibilities and risks of being a landlord.

In both cases, being a landlord involves various responsibilities and potential challenges, and both involve taking out a buy-to-let mortgage, which can have higher interest rates and require a larger deposit than a typical residential mortgage.

Is let-to-buy the best option if I wish to move without selling?

Let-to-buy can be a good option for people who wish to move without selling their current home, as it allows you to keep your existing property and rent it out while buying a new property to live in. However, whether it’s the best option will depend on your individual circumstances, financial situation, and long-term goals. Here are a few factors to consider:

Financial Feasibility: With a let-to-buy scenario, you’ll be taking on a second mortgage. You’ll need to be sure that you can afford the repayments on both your existing property (now a buy-to-let mortgage) and your new home. Remember that there may be times when your existing property is vacant (known as ‘void periods’), during which you’ll need to cover the mortgage repayments without rental income.

Landlord Responsibilities: Becoming a landlord involves responsibilities such as maintaining the property, dealing with tenants, and ensuring you comply with all relevant laws and regulations. If you’re prepared for these responsibilities, let-to-buy could be a good option.

Market Conditions: Consider both the rental market in the area of your existing home and the property market more broadly. If your property is in a high-demand area for rentals, and you’re confident in the long-term growth of property values, let-to-buy could be a profitable decision.

Future Plans: If you have a strong attachment to your current home and might want to return in the future, or if you see it as a potential home for your children, for instance, let-to-buy allows you to keep the property in your ownership.

Tax Implications: There may be tax implications to consider, both in terms of potential capital gains tax if you sell the property in the future and the tax treatment of rental income. Additionally, purchasing a new home while keeping the old one could result in higher stamp duty.

It’s essential to seek professional advice to understand all the financial implications and responsibilities of a let-to-buy situation. Other options might include renting out your home on a standard residential mortgage with a ‘consent to let’ agreement from your lender or renting your new home instead of buying. The best choice will depend on your specific circumstances and goals.

Alternatives to let-to-buy mortgages

While let-to-buy mortgages can provide a solution for homeowners looking to move and keep their existing property as an investment, there are several other alternatives that might suit your needs or circumstances better:

Consent to Let: If you’re planning on renting out your property for a shorter period, your existing lender may give you a ‘consent to let’, allowing you to rent out your property while keeping your residential mortgage. Keep in mind, however, that not all lenders offer this, and those that may charge a fee or increase your interest rate.

Selling Your Property: Selling your property is a straightforward option. This can provide you with a lump sum to use as a deposit on your next property, though you do lose the potential for rental income and future property price growth.

Buy-to-Let Mortgage: If your main goal is to become a landlord and you don’t need to buy a new home to live in, a straightforward buy-to-let mortgage could be a better option. This allows you to buy a property specifically to rent out.

Second Home Mortgage: If you can afford it, and if your lender approves, you could take out a mortgage on a second home. This would allow you to keep your current property and buy a new one without the need to rent out your existing property. However, you’d have to show that you can afford both mortgage repayments, and this option might also result in a higher stamp duty bill.

Renting Out a Room: If you want to generate some rental income but don’t want to move out, you could consider renting out a room in your home through schemes like the UK’s Rent a Room Scheme.

Equity Release: If you’re aged 55 or over, you might consider an equity release scheme. This allows you to access some of the equity in your home while you continue to live there, providing you with a lump sum or regular income.

Downsizing: If you’re moving because you want or need to reduce your living costs, selling your current property and buying a smaller, less expensive one could be an option.

Becoming a landlord with a let-to-buy mortgage

Becoming a landlord with a let-to-buy mortgage involves several key steps and considerations:

Mortgage Approval: First, you’ll need to secure approval from your existing mortgage lender to switch to a buy-to-let mortgage on your current property. If your existing lender does not approve, you may need to remortgage with a different lender.

Rental Market Research: Research the rental market in your area to get an idea of how much rental income you can expect. This will help you determine if it’s financially feasible and what kind of tenants you might attract.

Mortgage Affordability: Be sure you can afford to pay both mortgages if your property is vacant for a period of time. This is referred to as a ‘void period’. You’ll also need to factor in additional costs such as insurance, property maintenance and potential agency fees.

Legal Responsibilities: As a landlord, you have legal responsibilities to ensure the property is safe and habitable. This includes things like obtaining a gas safety certificate, installing smoke alarms, and protecting your tenant’s deposit in a government-approved scheme.

Property Maintenance: Be prepared for the responsibility of maintaining the property. This can range from minor repairs to major issues like a broken boiler or a leaky roof. Some landlords choose to hire a property management company to handle these responsibilities.

Tenant Selection: Consider how you’ll find and select your tenants. Some landlords choose to do this themselves, while others hire a letting agency. You’ll need to conduct credit checks and get references to ensure they’re reliable.

Landlord Insurance: It’s essential to have the right insurance in place. Standard home insurance may not provide adequate coverage when you’re renting out a property. Landlord insurance typically covers the building, liability insurance, and loss of rent due to uninhabitable conditions after a covered event.

Tax Implications: Rental income is taxable, so you’ll need to declare it on a self-assessment tax return. You can deduct certain expenses, like mortgage interest and maintenance costs. If you sell the property in the future, you may also be liable for capital gains tax. It’s a good idea to get advice from a tax advisor.

How is the interest calculated for a let-to-buy mortgage?

The interest on a let-to-buy mortgage, like other types of mortgages, is typically calculated based on the outstanding balance of the loan, the mortgage term, and the interest rate. The specific method of calculation can depend on whether the mortgage is a fixed-rate, variable-rate, or interest-only mortgage.

For a fixed-rate mortgage, the interest rate stays the same for a set period of time (for example, 2, 3 or 5 years) and then usually reverts to the lender’s standard variable rate. The interest is calculated based on this rate and the outstanding balance of the mortgage.

Variable-rate mortgages can change over time based on external economic factors, so the amount of interest you pay can fluctuate. Some variable mortgages are tied to the Bank of England base rate, while others follow the lender’s own standard variable rate.

An interest-only mortgage, which is common for buy-to-let mortgages, means that your monthly payments only cover the interest on the loan, and the original loan amount (the principal) remains the same. At the end of the mortgage term, you will need to repay the principal in full. The interest is typically calculated annually or monthly on the outstanding principal.

As with any mortgage, it’s important to understand the terms and conditions of a let-to-buy mortgage, including how interest is calculated and applied. It’s always a good idea to seek advice from a mortgage broker or financial advisor to make sure you understand all the details.

Can I get a let to buy mortgage with bad credit?

Obtaining a let-to-buy mortgage with bad credit can be more challenging, but it’s not impossible. Each lender has its own criteria for assessing applications, and some may be more willing to lend to individuals with a poor credit history than others. If your credit problems were minor, happened a long time ago, and you’ve demonstrated responsible financial behaviour since then, lenders might be more willing to lend to you.

For a let-to-buy mortgage, the potential rental income from the property can also be a factor. If this income is high enough to cover the mortgage payments, lenders might be more likely to approve your application.

Can I convert my residential mortgage to a let to buy mortgage?

Yes, converting a residential mortgage to a let-to-buy mortgage is typically the process involved when entering a let-to-buy arrangement. You must first seek permission from your existing mortgage lender to let out your property. Some lenders may allow this under a “consent to let” arrangement, or they may require you to switch to a buy-to-let mortgage. If your current lender does not allow this, or if they offer uncompetitive buy-to-let rates, you might consider remortgaging to a different lender. This will involve going through a new application process, including affordability assessments based on the rental income the property can generate and potentially higher interest rates and fees.



Is it possible to switch from a let to buy mortgage to a standard mortgage?

Yes, it’s generally possible to switch from a let-to-buy mortgage back to a standard residential mortgage, provided you intend to live in the property as your primary residence again. However, this process will depend on your individual circumstances and the lender’s policies. Here are a few steps to consider:

Lender Permission: First, you’ll need to seek permission from your lender to change the use of the property from a rental to your primary residence. Each lender will have its own criteria and processes for this.

Remortgaging: If your lender agrees, you’ll likely need to remortgage to a residential mortgage product. This could be with your current lender or a different one, depending on the best rates and terms available to you.

Affordability Assessment: Just as when you initially took out your mortgage, your lender will want to carry out an affordability assessment. They’ll need to be sure that you can meet the monthly repayments based on your current income and outgoings.

Legal and Financial Considerations: If you’re currently letting the property, you’ll need to terminate any rental agreements in a lawful manner, in line with the terms of the contract and local laws. There may also be tax implications to consider, particularly if the property has increased in value since you originally let it out.

Insurance: Once you live in the property again, you’ll need to switch your landlord insurance back to a standard home insurance policy.

Will I have to pay stamp duty if I let to buy?

Under a let-to-buy scenario, you are essentially buying a new property to live in while converting your existing property into a buy-to-let. If you end up owning two properties at the end of the process, the purchase of the new property will likely be subject to the higher rates of Stamp Duty Land Tax (SDLT) for second homes in England and Northern Ireland (Land and Buildings Transaction Tax in Scotland, or Land Transaction Tax in Wales).

The higher rates are 3 percentage points above the standard rates and apply to the entire purchase price of the property. However, if you sell or give away your previous main residence within 36 months of buying your new one, you might be able to claim a refund for the extra stamp duty you’ve paid.

Stamp duty laws are complex and subject to change, so you should always seek professional advice tailored to your specific circumstances. A tax advisor or conveyancing solicitor will be able to provide up-to-date and detailed guidance.

What happens if I default on my let to buy mortgage?

f you default on your let-to-buy mortgage, it can have serious consequences. A mortgage default is when a borrower fails to make the required payments on their mortgage. This can trigger a series of events:

Late Fees: Initially, the lender will likely charge you a late fee if your payment is not received by the due date or within the grace period.

Communication from Lender: You’ll likely receive communication from your lender or loan servicer informing you of your missed payment and discussing options for making up the payment. It’s crucial to keep communication lines open with your lender. They may be able to offer solutions such as a payment plan, loan modification, or temporary forbearance.

Notice of Default: If the missed payments continue, the lender may send a Notice of Default. This is a more formal statement that you are in default and will specify how much you owe and the deadline to pay to avoid further action.

Legal Proceedings and Repossession: If you don’t catch up on your payments or come to some agreement with the lender, they may begin legal proceedings to repossess the property. In the UK, this process typically involves a court order. If the court grants a repossession order, you’ll be required to move out, and the lender will sell the property.

Sale of Property: The lender will typically sell the property to recoup their losses. If the sale doesn’t cover the full amount you owe (including any legal costs), you’ll still be liable for the remaining debt.

Impact on Credit Score: A default on a mortgage will significantly impact your credit score and will stay on your credit report for several years. This can make it difficult to obtain credit in the future.

These potential consequences underscore the importance of speaking with your lender at the earliest sign of financial trouble. In many cases, they may be able to work with you to avoid default.

In addition, it may be beneficial to seek advice from a financial counsellor or legal advisor who can guide you through the process and help you understand your options.

Can I remortgage my property under a let-to-buy scheme?

Yes, remortgaging is a common part of the let-to-buy process. In a typical let-to-buy scenario, you would remortgage your existing property onto a buy-to-let mortgage, then use the equity released to help fund the purchase of your new home.

What are the tax implications of let-to-buy mortgages?

A let-to-buy mortgage has several tax implications you should consider:

Income Tax: Rental income from the property you’re letting out is considered taxable income, so you’ll need to declare this on a Self Assessment tax return. However, you can offset certain costs against this income, such as mortgage interest (although this relief is being phased out and will be replaced with a basic rate tax credit), letting agency fees, and maintenance and repair costs.

Stamp Duty Land Tax (SDLT): In a let-to-buy situation, you’ll typically need to pay a higher rate of Stamp Duty Land Tax (SDLT) on your new property, as it’s considered a second home. The higher rate is 3 percentage points above the standard rate. However, as we mentioned earlier, you may be eligible for a refund of the additional SDLT if you sell your previous main residence within 36 months.

Capital Gains Tax (CGT): If you eventually sell the let property, you might have to pay Capital Gains Tax on any increase in value since you let it out. There are some reliefs available, especially if it was your main home for a period, so the amount of CGT you owe could be less than the headline rate.

Inheritance Tax (IHT): Owning a second property can have implications for Inheritance Tax if the total value of your estate exceeds the IHT threshold.

How to get a let-to-buy mortgage in 7 steps

Getting a let-to-buy mortgage involves a few steps, and it’s always a good idea to seek advice from a financial advisor or mortgage broker who can guide you through the process. Here’s a general guide on how to obtain a let-to-buy mortgage:

1. Consult with a Financial Advisor or Mortgage Broker: It’s important to get professional advice to fully understand the financial implications, risks, and rewards of a let-to-buy mortgage.
2. Approach Your Current Lender: Discuss your plans with your current lender. You may need to switch your existing mortgage to a buy-to-let mortgage. This could involve some changes in your mortgage terms and conditions and possibly your interest rates as well.
3. Assess Affordability: Lenders will look at the rental income that your current property could generate, as well as your personal income, to calculate how much they would be willing to lend. You’ll need to prove that the rental income would cover the mortgage payments by a certain percentage, often around 125-145%, but this can vary between lenders.
4. Apply for a New Residential Mortgage: Simultaneously, you would need to apply for a residential mortgage on your new property. The lender will evaluate your personal income, credit history, and other financial commitments to assess your eligibility.
5. Property Valuation and Rental Income Assessment: Lenders will likely need a valuation of your existing property to understand its worth and an assessment of potential rental income.
6. Approval and Legal Process: If your applications are approved, legal processes would follow, including exchanging contracts and completing the purchase of the new property, and changing the mortgage on your old property. You would then move into your new property and let out the old one.
7. Find Tenants: Once you have moved into your new home, you will need to find tenants for your old property. The rental income will help you pay off the buy-to-let mortgage.
   Remember that each lender may have different criteria, and there are additional costs to consider, including potential higher interest rates on buy-to-let mortgages, landlord insurance, and letting agency fees.

How can I Speak to a let-to-buy mortgage broker?

Research: Begin by researching local and national brokers who specialise in let-to-buy mortgages. Look at their websites to understand their services, and read reviews or testimonials to gain insights into their customer service and expertise.

Contact: Once you’ve identified potential brokers, reach out to them. This could be via an enquiry form on their website, an email, or a phone call. Provide some basic information about your situation and what you’re looking for.

Initial Consultation: Many brokers offer a free initial consultation. This is a chance to discuss your needs in more detail, ask any questions you have, and understand how they might be able to help you.

Fees: Ask about their fees. Some brokers charge a flat fee, others a percentage of the mortgage, and some may be fee-free for you (they’re paid by the lender instead).