Let to Buy Mortgage Advice in Hull
A let to buy mortgage in Hull, as discussed above, generally occurs when the owner of a residential property wishes to remortgage their home, switching it into a buy to let mortgage, as well as buying a new home for them to live in.
Rather than looking to sell your home and having to potentially deal with a property chain prior to moving into your new home, a let to buy mortgage in Hull can reduce a lot of the stresses and pressure from your process, and allows you to generate some income in the process.
Whilst there are upsides, there are also downsides, and it’s important to be wary of each. As providers of expert mortgage advice in Hull, we have a great knowledge on instances like these, and have collated a list of the pros and cons to a let to buy mortgage in Hull, below.
The Positives and Negatives of a Let to Buy Mortgage in Hull
So first off, let’s take a look at the positives. As said, rather than go through all the trials and tribulations included in attempting to sell your current home and then find somewhere else to live, it can create a less stressful environment for you.
On top of that, it is another vehicle for you to earn enough income to pay for its own mortgage, plus additional profit for yourself to enjoy.
The downsides to this, is that being responsible for two properties, especially when one of those includes anywhere from one person to a whole family that you will become responsible for (to some degree), in itself can be a stressful endeavour. It’s not for everyone.
Whilst you will have that extra income, a let to buy mortgage in Hull may have higher interest rates than you would have for a residential mortgage in Hull and there are fewer mortgage lenders who offer let to buy mortgage deals (though there are plenty who may still be able to help).
That being said, whilst they will be higher than residential mortgage rates, a let to buy mortgage in Hull may have much more competitive interest rates and fees than a buy to let mortgage in Hull would, which could work in your favour.
You’ll also have to think about property value. If the value of both your properties goes up, you could increase your gains and potentially be in for some good profit if you look to sell in the future. Conversely, if the value drops of each, this could leave you with losses.
So, is a let to buy mortgage in Hull right for me?
There are plenty of ups and downs to taking out a let to buy mortgage in Hull, but it all depends on how you personally weigh those up. It may be worthwhile and yet you may also be thinking of different options instead.
What are those options though, what else can you do?
Alternatives to a Let to Buy Mortgage in Hull
There are other options available to you if a let to buy mortgage in Hull isn’t quite for you. For example, you may benefit from moving into temporary or rental accommodation, in order to take out a regular buy to let mortgage in Hull.
This can be quite costly, however, and you may not meet the lenders buy to let mortgage criteria.
You may also be able to partake in consent to let, wherein a mortgage lender will grant you a length of time in which you can rent out your residential property, whilst you move into your new home first.
Although this sounds like it may be easier, this will depend on your mortgage lender and obtaining a mortgage on a new home may be more difficult whilst having a consent to let in place.
Finally, an alternative may simply be selling your current home and moving into rental accommodation for a while, until you are ready to purchase again.
It can be hard to break out of the rental cycle, though it may put you in a better position for your next mortgage, due to the fact you’ll have no property chain of your own to worry about.
Why choose us to help you remortgage onto a let to buy mortgage in Hull?
Our trusted team of experienced and dedicated mortgage advisors in Hull have a great knowledge of helping many homeowners to take the next step in their mortgage journey, as they take on becoming a landlord with a let to buy mortgage in Hull.
As a team of open & honest mortgage advisors in Hull, we work every day of the week, from early on until late at night. This means we are able to offer appointments at times that are most convenient to you, subject to availability.
All of our customers will get to benefit from a free mortgage appointment that will take place either via the telephone or via Microsoft Teams on a video call.
You may think that you have a particularly complex situation, but utilising our over 20 years of mortgage advising experience, we are able to take on a vast range of mortgage circumstances. It is highly likely that we will have come across something like your situation before.
We know that getting a mortgage can be quite tricky from time to time, so we’ll make sure we are always on hand to answer any question you may have. We work for you and do everything we can to reduce your stress levels and allow you to enjoy the journey.
Our mortgage advice team can search through 1000s of mortgage deals for you. As a soon to be landlord taking on a let to buy mortgage in Hull, you want to know you’re on the best deal for what you’re looking to do. It goes beyond just the mortgage, we aim to give you a positive customer experience.
Book your free mortgage appointment online today and speak with one of or fantastic mortgage advisors in Hull.