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Let to Buy Mortgage Advice in Hull

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Let to Buy Mortgage Advice in Hull

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

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What is a let to buy mortgage in Hull?

A let to buy purchase and mortgage is where you rent out a home you are living in, in order to buy a new home for yourself. In order to achieve this, you will be remortgaging from a residential mortgage, which you will currently have, in order to switch onto a let to buy mortgage.

In addition to this, you will be taking out a new mortgage on the home that you are moving to. Both mortgages will occur consecutively, as you need the released funds from your remortgage on the first property, in order to put down a deposit on the new property.

This doesn’t mean using the same mortgage lender, you just have a mortgage that relies on another being completed, so you can speak to a mortgage broker in Hull to find out more.

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Let to Buy Mortgage Advice in Hull

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

In order to obtain a let to buy mortgage in Hull, you will have to meet the appropriate criteria. Your mortgage advisor in Hull will take a look at your case during your free mortgage appointment, in order to make sure that this is right for you.

The qualifying criteria for this type of mortgage includes, meeting affordability requirements for your new home, having at least a 10% for your new home, as well as a 25% deposit to put down on your buy to let (this can be equity released during your remortgage).

You will also need to make sure that your rental income can cover 125% of the payments you have for your new buy to let mortgage. A good credit score is advisable, though it may be possible to obtain a let to buy mortgage with bad credit.

We can provide expert let to buy mortgage advice in Hull

As providers of open & honest mortgage advice in Hull, we have helped many customers over the years in remortgaging to switch their residential mortgage onto a let to buy mortgage in Hull.

Our team of mortgage advisors in Hull are able to search 1000s of let to buy mortgage deals, in order to find the best one for your personal and financial circumstances.

Book your free mortgage appointment online with a trusted mortgage broker in Hull today and we will see how we are able to help you.

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FAQs for Let to Buy in Hull

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

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As you may be able to guess from the similar sounding names, a let to buy mortgage is in fact a type of buy to let mortgage.

A buy to let in Hull entails taking out a mortgage on a property, purely for the purpose of letting (renting) out a property, in order to generate additional income.

The difference with a let to buy mortgage in Hull, is that it will usually come about with “accidental” landlords. This is where perhaps you don’t initially plan to become a landlord, later changing your mind.

Instead of the stress of selling your home and buying a new buy to let, often homeowners will opt to rent out that home, using the income generated to pay off their new residential mortgage.

Are there any stamp duty charges in Hull?

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You should always be wary with costs when applying for a mortgage, and this is no different for a let to buy mortgage in Hull. Stamp Duty doesn’t apply to everyone, so it is always important to look at this ahead of time.

As a trusted mortgage broker in Hull, one of our dedicated mortgage advisors will inform you of all the costs involved in your process, including Stamp Duty, during your free initial mortgage appointment.

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

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Due to the nature of this type of mortgage being linked to a residential and buy to let aspect of owning a property, you can often be met with stricter criteria for a let to buy mortgage in Hull.

Whilst having something like a low credit score, CCJ, default and a history of late payments, to name but a few, can have an impact on your ability to take out a mortgage, there are specialist mortgage lenders that we have on panel, who may be able to help.

How can a mortgage broker in Hull help with my let to buy mortgage?

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As open & honest providers of mortgage advice in Hull, we have had the pleasure of helping many different customers over the years to remortgage their home and change their residential mortgage to a let to buy mortgage in Hull.

Our team of expert mortgage advisors in Hull are able to take a look through 1000s of let to buy mortgage deals, so that they can find you the best one for your personal and financial situation.

Book yourself in for a free mortgage appointment with a fast & friendly mortgage broker in Hull today and we will see how we can help.

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Our Simple Mortgage Process

Free 30-Minute Mortgage Appointment

Step 1

A let to buy mortgage advisor in Hull 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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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.

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.

1000s of Deals

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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.

Our Service

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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.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Hull

We Search 1000s of Let to Buy Mortgages in Hull

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Affordability FAQs for a Let to Buy in Hull

Why look into Let to Buy Mortgage advice in Hull?

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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.

What are the positives and negatives of a Let to Buy Mortgage in Hull?

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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?

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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 some of the alternatives to a Let to Buy Mortgage in Hull?

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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.

Mortgage Guides & Hullmoneyman 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, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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