Read our 295 Reviews
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.
How does it work?Get a Quote NowMeet Your Advisor
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 Rating295 Reviews
Marie
Absolutely amazing from start to finish. So helpful, every step of the way we was informed of what was happening. Cannot thank them enough.
Anonymous
Very pleased with the service. Chris and the Team have helped me through the mortgage process, making it as easy as possible. They have also managed to find an excellent mortgage deal.
Clare
Nottingham moneyman helped me with my first mortgage 5 years ago and I had a great experience then and now my mortgage is up I have had another great experience with sorting out what to do next. Couldn't recommend the company enough
Kunal
Professional, polite & thorough. I’m genuinely glad I found these guys. Thank you so much.
Rosita
Excellent service the help and support provided throughout the process was second to none. I would highly recommend this company for any of the services they provide. Dan Osman in particular was so supportive and invested in my family he was such...
Leslie
Excellent service from Tom for our second mortgage, supported us through the process with very quick turnaround. Cannot recommend Nottinghammoneyman highly enough!
Craig
Quick at responding and delivered on everything they promised.
Lisa
The Nottingham Money Man group have been fantastic in helping me to navigate the complicated waters of house buying and obtaining a mortgage and the relevant other insurances etc you need with this. They have taken their time to explain things...
Wayne
Well what can i say We dealt with Leo Shakespeare and Jo Parnell throughout all stages of Our Mortgage Application, they both discussed and went through every detail throughly and helped us immensely i couldn't of wished for anyone better to of...
Daniel
I couldn’t find a mortgage in principle anywhere that suited me because of Low credit scores and applying for mortgage alone, I honestly thought I was never going to able to buy a house but jason managed to work some magic and find me something...
Sindi
Very happy with the service, super friendly staff and extremely helpful.
Christopher
Charlie has been the ideal advisor in the months we've worked together. Knowledgeable, honest, personable and consistently happy to help. He and his team have made my experience as a first-time buyer a LOT less confusing!
Anna
Would and will be recommending this company. They (Conner) provided an extremely professional and efficient service in switching over our mortgage to a better interest rate. Always very contactable which quite frankly is something in this day and...
Alexander
Great service. Best value. We spoke to 3 brokers. Money man had the best deals so went with them. Service was fantastic. The mortgage we wanted was being pulled on the day so Paula went out of her way to ensure they had everything to send our...
Jan
first time I’ve used U.K. money man and I would like to say big thank you to Chris and Stacey who were helping us with our mortgage and made whole process smooth and easy for us from beginning to the end.Thank you 🙏
Jonathan
Very helpful and informative. Kept us in the loop and followed up with emails. Thank you!
Baljinder
Conor was excellent and efficient through the process and always helpful. Would highly recommend Moneyman.
Rosalind
Paula and Dan worked on our remortgage and we cannot recommend them highly enough. Dan initially handled the case and was very thorough, efficient and found us a great deal. We needed to remortgage around the time of Kwarteng’s mini budget so it...
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!
Our dedicated mortgage advisors in Nottingham will provide you with a free mortgage appointment that typically lasts around 30 mins.
During this appointment, we will gather information about your financial and personal situation.
Based on the information obtained during the consultation, your mortgage advisor in Nottingham will then search for the ideal mortgage deal tailored to your specific needs.
If you are satisfied with the mortgage offer presented by your mortgage advisor in Nottingham, the next step is to proceed with your mortgage application.
Our mortgage process is composed of several stages. Firstly, we will ask you to complete our Fact Find to provide us with a clear understanding of your mortgage needs and goals.
Next, you will have a free appointment with a mortgage advisor in Nottingham, who will begin searching for mortgage options that are tailored to your individual circumstances. If we find a suitable offer that meets your requirements, we can proceed with your mortgage application.
To obtain an agreement in principle, we will conduct a credit check on you and gather supporting documents to validate your mortgage application.
Once we have submitted your mortgage application, we will wait for a formal mortgage offer to be issued.
We highly recommend obtaining an agreement in principle before you start viewing properties if you’re planning to apply for a mortgage.
This is because an agreement in principle is usually required to make an offer on a property, and it can also help you negotiate prices.
As a mortgage broker in Nottingham, we can help you to obtain an agreement in principle from a mortgage lender, which demonstrates their willingness to grant you a mortgage based on your financial circumstances.
With an agreement in principle in place, you can have a better idea of what properties you can afford and approach the buying process with more confidence.
The validity period of an agreement in principle (AIP) typically ranges from 30 to 90 days, but this may vary depending on the specific mortgage lender.
In case your AIP expires before you find a suitable property, you can easily renew it by contacting your mortgage advisor in Nottingham or the mortgage lender.
As a mortgage broker in Nottingham, we often see customers seeking a second mortgage for various reasons. Some of the most common reasons include:
– Consolidating debt.
– Making home improvements.
– Investing in a buy to let property.
– Other reasons, such as purchasing a holiday home or helping a family member with a mortgage.
When applying for a mortgage in Nottingham with a high street lender, a minimum deposit of 5% is typically required. If you have a history of bad credit, this percentage may increase.
Obtaining a mortgage may be a bit more challenging if you have a history of bad credit, but it’s not impossible!
In such cases, some mortgage lenders may require a slightly larger deposit from you, typically around 10-15%.
Whilst this is the case, there may still be many options available to you, and as an experienced mortgage broker in Nottingham, we can help you find a mortgage lender that is willing to work with your situation.
Submitting at least one year’s worth of accounts increases your chances of getting approved for a mortgage.
The mortgage lenders we work with typically consider your salary plus dividend to determine the maximum mortgage amount.
Some lenders may base their calculations on your net profit. The criteria varies from lender to lender.
– Photo ID (Driving license, Passport, etc.).
– Proof of Address (Utility bills, tax bills, credit card statements, etc.).
– Latest 3 months’ payslips & Latest P60 (employed applicants)
– Latest 2 years’ tax calculations and corresponding overviews (self-employed applicants)
– 3 months’ bank statement proving the deposit being built-up with an explanation for any large credits.
Typically, your free mortgage appointment in Nottingham will take approximately 30 mins.
After the appointment, we can provide you with an agreement in principle, usually within 24 hours. Once you have decided to proceed, the next step is to submit your mortgage application.
On average, it takes about three weeks to receive a formal offer from the mortgage lender.
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.
