Although some lenders will allow you to let out your home on a residential mortgage, this will normally only be on a temporary basis. So unless you are only going to be letting it out for a short time, it is likely you will need a Buy to Let mortgage.
Buy to Let mortgages are similar to residential loans, but there are some differences which our expert Advisers will be happy to talk you through.
Lenders will also want to see evidence that your rental income will comfortably cover your mortgage repayments. Being a landlord is not right for everyone, and entering into a Let to Buy arrangement should not be taken lightly. But if you are confident that you will get a decent rental income and can manage the responsibilities of letting out a property, this is a very worthwhile option.
Let to Buy can be an option for those who want to purchase a new home whilst keeping hold of their current property and letting it out. As someone looking to buy a new property, it can allow you to release some equity from your current home and put it down as a deposit on your new one.
Let to Buy is also a popular choice for couples who move in together later in life, perhaps once they both already have their own properties. In this case, you might both move into one of the properties and rent the other one out on a Let to Buy mortgage.