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Let to Buy Mortgage Advice in Nottingham

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Let to Buy Mortgage Advice in Nottingham

Want to rent your home and buy a new one? Talk to a local Nottingham mortgage advisor today to explore your options.

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What is a let to buy mortgage in Nottingham?

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.

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Let to Buy Mortgage Advice in Nottingham

How do I get a let to buy mortgage in Nottingham?

In order for a property owner to take out a let to buy mortgage advice 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.

We can provide expert let to buy mortgage advice in Nottingham?

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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FAQs for Let to Buy in Nottingham

What is the difference between let to buy mortgage and buy to let mortgage in Nottingham?

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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.

Are there any stamp duty charges in Nottingham?

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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.

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

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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.

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Our Simple Mortgage Process

Free 30-Minute Mortgage Appointment

Step 1

One of our mortgage advisor in Nottingham can help you determine your realistic investment goals based on your financial situation and market conditions.

We Can Search 1000s of Mortgage Deals

Step 2

We can also explain the differences between interest-only and repayment mortgages, and help you decide which type of mortgage is best suited to your investment strategy, if you don't know so already.

Submit Your Mortgage Application

Step 3

This application will include all required documents, such as proof of income and identification. The lender will then assess your projected rental income to ensure you can afford monthly payments and any additional costs, such as maintenance and repairs.

Protecting You and Your Mortgage

Step 4

After obtaining your let to buy mortgage and purchasing your rental property, it is important to maintain relevant insurance coverage to protect your investment.

Reasons to Choose Us

Free Mortgage Review

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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.

1000s of Deals

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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.

Our Service

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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.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Nottingham

We Search 1000s of Let to Buy Mortgages in Nottingham

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Affordability FAQs for a Let to Buy in Nottingham

Why look into Let to Buy Mortgage advice in Nottingham?

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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.

The Positives and Negatives of a Let to Buy Mortgage in Nottingham

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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.

So, is a let to buy mortgage in Nottingham right for me?

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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.

Alternatives to a Let to Buy Mortgage in Nottingham

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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.

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Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Nottingham, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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