Let to Buy Mortgages allow you to rent out your existing property and to purchase a new one for your main residence. Your existing mortgage payment should be covered by the rent you receive from your tenants.

Lenders will typically offer you a mortgage for the new property based on usual mortgage income multipliers, even though you have an existing mortgage. This enables you to avoid paying the more expensive Buy to Let rates.

A minimum deposit of 5% of the purchase price or valuation (which ever is the lower) is usually required to secure a Let To Buy mortgage. If however you don’t have a sufficient sum set aside, Mortgage Solutions may be able to assist you to raise your deposit by way of a remortgage or a secured loan on your existing property.

There are a number of special lending criteria associated with this type of mortgage which you will need to e take into consideration:

• The rental income on your present home must not be less than 125% of the interest rate charged on your current mortgage.
• The new property must be intended to be your main residence.
• The minimum deposit is required of 5% for the new purchase.

This is intended as a guide only - other criteria may apply, and we can advise on any special terms and conditions which your selected lender may wish to impose at the time of application.

The overall cost for comparison is 6.8% APR

This is intended as a guide only - other criteria may apply, and we can advise on any special terms and conditions which your selected lender may wish to impose at the time of application.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.