Unfortunately, you cannot simply rent your existing home as you may be in breach of your mortgage conditions. It is vital to convert the mortgage, either by remortgaging to a buy-to-let product or attaining consent to let from the lender (which depends on the lenders’ policies). At Marigold Financial, we can help by searching through a variety of let-to-buy mortgage providers, walking you through the entirety of the process. 

How We Help

Whether it is out of desire or need, unlocking the equity within your home is usually the key to your ability to fund the ongoing property purchase. The process to establish if this is an appropriate course of action includes:

• Undertaking a financial assessment for your ongoing purchase.
• Assessing the eligibility of the existing home in becoming a BTL property.
• Establishing your ability to accept the challenges of becoming a landlord.  

Having a buy-to-let property, and its associated mortgage, can be a very daunting prospect. The thought of having two mortgages to maintain is understandably worrying, but with the proper precautions, it can be lucrative for you and future generations too. We will utilise our 40 years of combined property industry experience to advise on ways to mitigate possible complications. 

There are many moving parts with any let-to-buy mortgage, such as two lenders, conveyancers, estate agents, and surveyors. There will invariably be bumps and complications with each application, and using a mortgage broker is strongly recommended in this circumstance. Marigold Finance can help – give us a call to discuss your case in more detail.  

How You Can Help

You can help the mortgage process run smoothly by being organised. We will need some essential information such as income, identity and deposit, and most importantly, you must ensure that you have the correct documents to evidence these basic requirements. These must be kept up to date with us until the purchase is complete.  

Protection

As mortgage and protection specialists, we are happy to speak to you about protection requirements to ensure that you can protect your hard-earned property against unforeseen circumstances.