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Let to Buy Mortgages in Essex

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Let to Buy Mortgages in Essex

Looking to rent out your current property and buy a new one? Speak with a let to buy mortgage advisor in Essex today.

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What is a let to buy mortgage in Essex?

A let to buy mortgage in Essex allows you to rent out your current home while purchasing a new one to live in.

This option is ideal if you want to move without selling, as the rental income from your existing property can help with affordability.

Lenders assess both mortgages together, ensuring you can manage both properties financially

Our mortgage advisors in Essex can explore your options and guide you through the process.

Let to Buy Mortgages in Essex

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

To secure a let to buy mortgage in Essex, you’ll need to remortgage your current home onto a buy to let deal while applying for a new residential mortgage.

Lenders will look at factors like your rental income, financial situation, and credit history.

Working with a mortgage broker in Essex like us can make the process easier, as we’ll find lenders who suit your circumstances and handle the paperwork for you.

How much deposit do I need for a let to buy mortgage in Essex?

Most lenders require at least a 25% deposit for the buy to let mortgage on your existing home.

For your new residential mortgage, deposit requirements will depend on the lender, but options start from 5-10% if you meet affordability criteria.

Getting mortgage advice in Essex can help you understand your options and work out what’s needed for both mortgages.

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Let to Buy Mortgage FAQs in Essex

Can I get a let to buy mortgage in Essex if I already have a residential mortgage?

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Yes, but you’ll need to switch your existing mortgage to a buy to let deal.

At the same time, you’ll apply for a new residential mortgage on the home you’re moving into.

Lenders will assess both mortgages to ensure you can afford them.

Do I need tenants in place before applying for a let to buy mortgage in Essex?

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Not necessarily, but lenders will want to see that your property can generate enough rental income to cover the mortgage payments.

They may use a rental assessment to estimate how much you could charge before approving your application.

Can I live in my property again after getting a let to buy mortgage in Essex?

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Let to buy mortgages are specifically for renting out your home, so staying in the property without informing your lender could breach your mortgage terms.

Can I get a let to buy mortgage in Essex if I have bad credit?

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It’s possible, but your options may be more limited. Lenders will assess your credit history alongside your income and rental potential.

Some specialist lenders cater to applicants with bad credit, and our mortgage broker in Essex can help find the right deal for you.

How long does it take to get a let to buy mortgage in Essex?

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The timeline varies, but the process typically takes a few weeks to a couple of months. Factors like property valuations, rental assessments, and lender requirements can affect how long it takes.

Working with a mortgage advisor in Essex can help speed things up by ensuring everything is in place from the start.

Can I use equity from my current home to fund my next deposit?

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Yes! Many homeowners release equity from their existing property to help fund the deposit for their new home.

The amount you can borrow depends on your home’s value and how much equity you’ve built up.

Do all lenders offer let to buy mortgages in Essex?

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No, let to buy is a specialist type of mortgage, and not all lenders provide it. Some have stricter criteria, while others offer more flexibility.

Getting mortgage advice in Essex can help you find a lender that fits your circumstances.

How does the process work?

Free Mortgage Appointment

Step 1

Our mortgage advisors in Essex will assess your situation and explain your options.

We’ll check your affordability for both the buy to let and residential mortgages.

Arrange Your Let to Buy Mortgage

Step 2

We’ll help you switch your current mortgage to a buy to let deal.

Lenders will assess your rental potential to ensure the property can generate enough income.

Mortgage Application

Step 3

Once your let to buy mortgage is in place, we’ll find a suitable residential mortgage for your new home.

This runs alongside your buy to let deal to ensure everything progresses smoothly.

Completion

Step 4

Once both mortgages are approved, you can complete the process and move into your new home.

Your solicitor will handle the final steps, and you’ll start receiving rental income from your old property.

Reasons to Choose Us

Let to Buy Specialists

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Our mortgage advisors in Essex have helped many homeowners secure let to buy mortgages.

We understand the process inside out and will guide you through each step, making everything as straightforward as possible.

Tailored Mortgage Solutions

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Every homeowner’s situation is different, which is why we take the time to find the right mortgage deals for you.

Whether you need to release equity or find a lender with flexible criteria, we’ll explore all available options.

Stress-Free Process

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Managing two mortgages at once can seem complicated, but we’ll handle the paperwork and liaise with lenders for you.

We’ll keep you updated throughout, so you always know what’s happening.

Ongoing Support

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Our help doesn’t end once your mortgage is approved.

We’re always here for you, whether you need advice in the future or want to review your mortgage options later down the line.

Malcolm and Amy Davidson - Mortgage Advice in Essex

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Types of Let to Buy Mortgages in Essex

Standard Let to Buy Mortgage in Essex

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This is the most common option, where you remortgage your existing home onto a buy to let deal while securing a new residential mortgage.

Lenders will assess your rental income and affordability to ensure you can manage both loans.

 

Interest-Only Let to Buy Mortgage

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With an interest-only mortgage, you only pay the interest each month, keeping costs lower.

The full loan balance is repaid at the end of the term, usually through property sale or other investments.

This can be a popular choice for landlords looking to maximise cash flow.

Capital Repayment Let to Buy Mortgage

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A capital repayment mortgage reduces both the loan amount and interest over time.

While monthly payments are higher, you’ll gradually build equity and fully own the property by the end of the term.

Holiday Lets in Essex

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Investing in a holiday let in Essex can be a lucrative opportunity, particularly in popular tourist areas.

Holiday let mortgages differ from standard buy to let mortgages, with lenders considering seasonal income fluctuations and stricter criteria.

As a mortgage broker in Essex, we can help you find lenders specialising in holiday lets, ensuring the mortgage you choose suits the unique nature of this investment type.

Let to Buy with Equity Release

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If you’ve built up equity in your current home, you may be able to release some of it to use as a deposit for your new property.

Lenders will assess how much equity you can access based on your home’s value and remaining mortgage balance.

Mortgage Guides

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