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How does let to buy work?


Each person’s let to buy arrangement will work slightly differently but broadly it works like this:

Stage 1: Remortgage your current property onto a new mortgage deal. You could do this with your existing lender or a new lender. If you own enough equity in the property remortgaging will allow you to release some money.

Stage 2: The new mortgage will either need to be a buy to let mortgage or you will need to agree consent to let with the lender, which allows you to rent your property out but not to remortgage. Be aware that some lenders will increase their interest rate or charge an admin fee in order to grant consent. You would then let out your existing property to cover your mortgage repayments.

Stage 3: Use the equity you have released or existing savings as a deposit to take out a new mortgage and move into a new home.

Stage 4: Keep letting your existing property until you would like to sell it.


Check affordability

How much can I borrow? Stamp duty calculator Mortgage repayment calculator

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