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A let to buy purchase and mortgage is where you change from living in your current home to becoming a landlord, taking on a new mortgage that allows you to take on a tenant and also buy a new home for you to live in as well.
For a homeowner to look at doing this, they will need to take out a remortgage on their home, switching it from the residential mortgage that they have had it on, to a brand new let to buy mortgage in Nottingham instead.
In addition to this, you will need a new place to live yourself and as such, will be taking out a new residential mortgage on a home that you are going to be living in. These mortgages are not tied to one another.
Both mortgages will instead be running side by side and you need to release funds from your remortgage, in order to place a deposit down on your new home. They don’t even have to be with the same mortgage lender, you just are relying on one mortgage to supply the necessary funds for the other.
As you can likely decipher from the virtually identical names, a let to buy mortgage is just another variation of buy to let mortgage.
A buy to let in Nottingham is the process of taking out a mortgage on a property, purely with the intention of renting out the property the mortgage is attached to, as a means to provide you with additional income.
The difference between that and taking out a let to buy mortgage in Nottingham, is that this type of process is fairly common with what we call “accidental” landlords. These are people who maybe weren’t looking to become a landlord initially, only to later decide that might be something they’d like to do.
Instead of taking on all of the stresses that are usually included with selling a home and purchasing a new buy to let in Nottingham, often homeowners will take the route of just renting out their once home, using the income generated to pay off the balance of a new residential mortgage that they have taken out on a new home.
You should always prepare for the likely stamp duty land tax costs that are to be involved with taking out a mortgage, especially for a buy to let or let to buy in Nottingham. Stamp duty doesn’t necessarily count for every property owner, so it is best to do research ahead of time.
As an trusted and reliable mortgage broker in Nottingham, one of our hard working mortgage advisors in Nottingham will make sure that you know every cost involved in your let to buy mortgage process, including stamp duty, during your free mortgage appointment. You can book in for one of these using the enquire online button on our website.
In order for a property owner to take out a let to buy mortgage in Nottingham, you will need to ensure that you are able to match up to the strict mortgage lending criteria. Your trusted mortgage advisor in Nottingham will take a look at your information during your free mortgage appointment, to determine whether or not it is a viable option for you.
The typical qualifying criteria that you need to meet for a let to buy in Nottingham include, meeting all of the affordability requirements for your new home, having at least a 10% deposit to put down for the new home, as well as a 25% deposit to put down for your new buy to let mortgage (this can be equity that you have released during the remortgage stage).
You will also need to be able to cover 125% of the payments you now have for your new buy to let in Nottingham, which will be achieved using the rental income you generate. A good credit score will also be recommended, though you could possibly obtain a let to buy mortgage if you were struggling with bad credit.
Because the process of let to buy in Nottingham is tied to taking out both a residential and buy to let mortgage, you may find that you will have much stricter mortgage lending criteria to match up to.
Whilst you may indeed have a low credit score, CCJ, default and a history of late payments, and other aspects that could hurt your chances of getting a mortgage, we do have a variety of specialist mortgage lenders on panel who may be able to help you out, depending on your situation.
As fast & friendly providers of expert let to buy mortgage advice in Nottingham, we have helped a large amount of customers to remortgage their property over the years, helping them to switch it from a residential mortgage, on to a let to buy mortgage in Nottingham.
Our dedicated and hard working team of mortgage advisors in Nottingham are able to take a look through 1000s of let to buy mortgage deals, finding the most appropriate one for the mortgage circumstances you have.
Book your free mortgage appointment and speak with an expert mortgage broker in Nottingham today and we will see how we can possibly help you.
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The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
A let to buy mortgage in Nottingham, as we discussed in the above section, will most likely come into play when the owner of a residential property instead looks to remortgage their current home into a buy to let mortgage, using the funds raised from the remortgage to put down the deposit for a new property.
Rather than going through the process of selling your home, getting stressed, possibly ending up in a property chain, it could be ideal for you to look at a let to buy mortgage in Nottingham, as a means to reduce some of that stress and perhaps even generate some additional income.
Whilst there are pros and cons to doing this, it could be something that is at least worth looking at. As long-standing providers of expert mortgage advice in Nottingham, we have an in-depth knowledge on let to buy mortgages in Nottingham and have compiled a handy pros and cons list for you below.
First of all to highlight one of the positives, as touched upon, it can be much less stressful than going through the process of finding somewhere else to live whilst also selling you home. In addition to this, the generated additional income will help to pay off your mortgage balance for the let to buy mortgage it is attached to.
The potential downside is that even though your stress levels may go down due to not selling, you will be going on to become responsible for two properties, as opposed to one. In itself, this can make it much more stressful for you as a property owner, especially with you also becoming responsible to some degree for those would-be tenants.
As we have said though, it will also provide you with additional income, which could be great. Please do bear in mind though that these types of mortgages typically have higher rates of interest than residential mortgage. There are also much fewer mortgage lenders with let to buy mortgage deals on offer, though thankfully we still have plenty who do so on our panel of mortgage lenders.
That being said, whilst interest rates for a let to buy mortgage in Nottingham could be higher, they might still have much more competitive interest rates and fees than would otherwise be found on a straight buy to let mortgage in Nottingham would, which could be a positive.
It is also important to know that if the value of your property were to increase, you could find yourself in profit if you were to sell in the future, though on the flip side, if the value were to drop, you could find yourself losing money.
There are many different ups and downs for you to think about when you take out a let to buy in Nottingham, though this depends on how these impact you personally as a property owner. It could be viable, though there could also be other steps that you could take.
If you instead decide that a let to buy mortgage in Nottingham isn’t quite the mortgage for you, there are other routes you could take, such as temporary or rental housing, whilst you prepare for a typical buy to let in Nottingham.
The problem is that in doing this, you may not necessarily match mortgage lender criteria for a buy to let mortgage in Nottingham, it can be a difficult situation to get out of and ultimately, it can end up being quite costly.
Another possible option for you could be a consent to let, wherein a mortgage lender will allow a homeowner a certain amount of time in which they can rent out there property, giving them a chance to move into a new home in the meantime.
This may look like it is actually an easier option, though it will be entirely dependent on the mortgage lender you are with. Additionally, obtaining a mortgage whilst you have a consent to let in place can prove to be a little tricky.
Last of all, an alternative to all of the above could be to simply sell your home, move into rented housing and then remain there until you wish to purchase a home once again. This can be a complex cycle to get out of, though you could arguably be in a much better place due to a lack of property chain when the time to purchase comes back around.
Our amazing and hard working team of expert mortgage advisors in Nottingham have a great and vast knowledge in the world of mortgages, helping many of them to move forward in their home owning and mortgage experience, as they become a new landlord with a let to buy mortgage in Nottingham.
Our mortgage advisors in Nottingham work incredibly hard every single day of the working week, including weekends and some bank holidays, from early until late. We like to give our customers the option to choose mortgage appointments at times that best suit their daily life, subject to appointment availability.
All customers who contact us will benefit from having a free mortgage appointment that will either take place via Microsoft Teams video call or over the phone, whichever best works for them.
You may feel like your situation is a pretty complex one, though by making use of our 20 plus years of experience in providing mortgage advice in Nottingham, you’ll have the services of a company that has likely encountered a situation like yours in the past.
We understand that the mortgage process can be complicated from time to time, so we’ll do our best to be readily available for all of your let to buy mortgage questions. We work hard on your behalf, looking to reduce all of your stress levels and taking you closer to the point of achieving mortgage success.
Our team of fast & friendly mortgage advisors in Nottingham can look through 1000s of mortgage deals on your behalf, to find the best deal out there for you. As a new landlord with your very own let to buy mortgage in Nottingham, you will want the best deal out there for you, and it’s our goal to make sure you have that!
Book yourself a free mortgage appointment and speak to a mortgage advisor in Nottingham today about your let to buy mortgage goals and aspirations.
4.95 Rating277 Reviews
Amy
Daniel was my mortgage advisor and he was excellent, friendly, efficient and honest in what was available to me in the current climate. Will continue to use Nottingham Moneyman for my remortgages.
Molly
Really happy with the care and support we received throughout our mortgage application! Communication was easy & response time was fast - thank you!
Emily
Leo and Jo were really great in getting us a mortgage. We’re both first time buyers and really didn’t understand the process, Leo made it very easy. He answered my calls every time without fail and held my hand through the process....
Saira
Matt Collinson and Lyndsey Smith have been exemplary. The entire service has been exceptional. Matt is unbelievably helpful and knowledgeable. The team communicate efficiently and regularly. They are patient with queries and concerns. Hugely...
Anne
We are really pleased with the advice and support we received from Matt Collinson at UK moneyman. From start to finish he was very friendly, honest, knowledgeable and very contactable throughout. When faced with a bit of a turbulent market he...
Shaun
Understood the issues, and explained the various options making it easy to decide. All done promptly too. Perfect.
Akbar
Excellent, helpful and friendly service. I have recommended to various others already.
Shawn
Excellent service helped me from start to finish with buying my property with great advice and communication throughout thanks Malcom and the team
Anonymous
Very helpful throughout the process of securing a mortgage. Happy to talk through different options and offered explanations when requested
Jacqueline
Matt Collinson and Chloe dealt with our mortgage application. Excellent service. Working late and weekends when time is of the essence.
Andrew
Fantastic service by Charlie and Lyndsey, very knowledgable and professional and helped my wife and I secure a great mortgage deal. We will definitely be using their services again in the future and I would highly recommend!
Grace
Dinah Harros and Anna Braithwaite were outstanding! No question was too silly, really informative and easy to get a hold of - thank you both so much for helping us get life insurance and a mortage for our first home.
Sean
Brilliant service, Ryan and Lyndsey have been fantastic and couldn’t do enough for us and always in touch. Finally we have our dream home! Thank you so much Lauren & Sean x
Anonymous
Absolutely outstanding service from everyone involved. Brilliant communication throughout and everything went through pain free. Already recommended to friends.
James
Excellent service from Wayne and the admin team. Can highly recommend
Nissa
Presented different options, clear advice. And obtained a fairly good deal for us. Would recommend
Robert
Absolutely brilliant service from Ryan and Jo. Would definitely use again and recommend. Fantastic
Patricia
Tom Dent was brilliant with advice and he was very professional in the way he handled the matter. He was very reassuring all the time making sure that I did not worry about anything and didn’t lose hope even when things looked like the outcome...
Laura
Wayne was lovely and I didn't feel rushed at all during the phone calls we had. No issues with the process at all. Would highly recommend
Sarah
This is 3rd time we have used moneyman and we will definitely be using them again in the future! Really helpful with the full remortgage process.
Your free mortgage consultation with us will last around an hour. During this consultation, your dedicated Mortgage Advisor in Nottingham will get to learn a bit more about your personal and financial situation.
Once your consultation is finished, your Mortgage Advisor in Nottingham will go away and try and find you a perfect mortgage deal tailored to your circumstances. If you love the mortgage offer that they’ve picked out and want to continue, the next step is to submit your mortgage application!
Our mortgage process consists of multiple different steps: 1. Once you get in touch, we will have you carry out our Fact Find so that we can get a bigger picture of your mortgage situation. 2. You’ll undergo your free mortgage consultation, then your dedicated Mortgage Advisor in Nottingham will begin searching for mortgage deals that are tailored to your circumstances. If we find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application. 3. We will perform a credit check on you in order to obtain an agreement in principle. Furthermore, we will get some evidential documents from you in order to back up your mortgage application. 4. We will submit your mortgage application and wait for a formal mortgage offer to be issued.
As a Mortgage Broker in Nottingham, we always advise applicants to obtain an Agreement in Principle before viewing properties. Firstly, you’ll need an Agreement in Principle to make an offer on a property. Secondly, having one in place could put you in a position to negotiate prices.
An Agreement in Principle typically lasts for 30-90 days. This timeframe may change depending on the lender that you are using.
If your Agreement in Principle expires, you can easily renew it by getting back in touch with your Mortgage Advisor in Nottingham or your lender.
It’s possible to obtain a second mortgage; as a Mortgage Broker in Nottingham, here are the most common reasons we see for people wanting a second mortgage:
– Debt consolidation
– Home Improvements
– Buy to Let
– Other, e.g. for a Family Member, Holiday Home, etc.
High street mortgage lenders will usually ask for a minimum of a 5% deposit. This percentage may be higher depending on if you’ve had previous bad credit issues.
If you’ve had bad credit issues in the past, you may find it a little harder to get a mortgage, but that isn’t saying you still can’t get one!
Lenders may ask for a slightly higher deposit if you’ve had bad credit in the past. Some lenders may ask for a deposit of around 10-15%.
If you are able to submit at least one year’s of accounts, the more likely you are of being able to obtain a mortgage. Most of the lenders that we use look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit, it all depends on the lender.
Your free mortgage consultation in Nottingham will usually last around an hour. Following the consultation, we can turn around an Agreement in Principle for you within 24-hours. Now it’s just the case of submitting your mortgage application. A formal offer can take around three weeks on average to come back.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property in Nottingham!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
