Mortgages for first time buyers

Let-To-Buy Mortgage Brokers

If you’re interested in becoming a landlord, growing your property portfolio, and earning rental income then a Let-To-Buy Mortgage from Avail Mortgages could be the ideal solution. This product type is increasingly popular with our clients, whether they are from BradfordHarrogateYork, or further afield. Here, we’ll be looking at these mortgage types, and our expert advisors will talk you through all the important things you need to know. Once you’ve had a read through, and spoke to our team who have decades of professional experience between them, you’ll have a good idea about whether or not this type of mortgage is right for you.


Each mortgage broker that works for Avail Mortgages works to the strict Treating Customer Fairly Initiative* that was laid out by the Financial Conduct Authority (FCA)*. This ensures that all the mortgage advice you get, be it about this one, or our other commercial and residential mortgage types, such as Portfolio LandlordHelp To Buy, and New Build, is accurate and fair.

To learn more about how you can benefit from selling your current property for rental income, check out the guide below. Alternatively, get in touch with our team to discuss your personal situation and financial position, and how we can help you get into the rental market. Call us by phone on 01484 556245 or email us [email protected].


What Are Let-To-Buy Mortgages?

In a nutshell, a mortgage deal such as this involves you renting out the home that you currently live in, and buying a new property* to move into. Having your original property, plus an additional property, essentially means you have two mortgages at the same time.

You will convert your standard mortgage into a Buy-To-Let Mortgage, and then take out a single mortgage on the new home that you’re moving into. Once completed, you become a landlord. The primary reason people opt for these kinds of mortgage deals is to use the equity that has built up over time to purchase a new property. This allows them to keep their current property as a long-term investment that is going to provide an additional long-term income stream, in the form of rent.

It’s also a popular option for couples who have their own houses but want to move in together. Once you move in together, you can rent out the ‘spare’ home and enjoy an additional type of cash flow.

Once the plans have been agreed, you’ll may able to release equity and borrow at a higher Loan-to-Value (LTV)* ratio. Here’s an example:

If you have a house that’s worth £200,000 and you have a £130,000 mortgage, you may able to borrow £150,000 and use that remaining £20,000 as a minimum deposit on a new residential property, one that you’ll move into.

What Is The Difference Between This And Buy-To-Let Mortgages?

Buy-To-Let Mortgage, which we offer here at Avail Mortgages, involves purchasing an additional property that is exclusively used as a rental property.

Let-To-Buy Mortgages involve you purchasing a new residential property so that you can rent out the home you currently live in.

Avail Mortgage Brokers

Am I Eligible For These Mortgage Products?

This mortgage scheme, thanks to its ability to provide additional incomes, can be very beneficial. Whichever Let-To-Buy Mortgage broker you work with at Avail Mortgages will ensure you have everything available to find a suitable deal. With these products, there are very often lending and affordability criteria. What follows is said criteria:

  • A 75-80% borrowing limit: This limit, which relates to the value of your current home, will need to be considered when remortgaging for equity.
  • Proof that the rent will be higher than your mortgage payments: This is to satisfy lenders and ensure that you’ll still be able to pay them back. They’ll often require rent to cover around 145% of a monthly mortgage payment.
  • Proof that you’re moving at the same time as switching: A copy of a new mortgage deal will need to be presented to the mortgage lenders.
  • Maximum age: Generally, people under 70 can apply for this deal.
  • A good amount of equity: With a 75% LTV, you’ll need to have a high amount of equity in your property.
  • The current house cannot be listed for sale: You cannot be looking to sell your house in other ways once the application process has gotten underway.

Why Choose Avail?

At Avail Mortgages, we have helped countless clients and buyers across the northwest with a Let-To-Buy Mortgage. Be it LeedsHuddersfield, or in other parts of the UK, we have seen the positive effects that increased annual income has on couples and families. From being able to go on holiday more to saving money that can be passed onto loved ones – the benefits are unique to you.

From the minute you walk through our door, we’ll see it as our duty to ensure you feel in the know throughout the process. Each client gets a bespoke treatment that lays out all the facts which allow them to make the best decision based on your personal situation.

Speak To Our Expert Advisers Today

To learn more about this, or our other mortgage and insurance products, such as Home Insuranceget in touch with expert advisors. You can reach out by phone on 01484 556245 or drop us an email at us [email protected].