Let to Buy explained and available mortgage solutions from Shire Direct...
Having a hard time understanding Let to Buy? Welcome to 'Let to Buy explained!'.
"I found your staff to be professional and friendly, and wouldn't hesitate to recommend to friends and family."
Mr & Mrs T., Somercotes, Derbyshire
In this article 'Let to Buy explained' we thought it would be a good idea to explain how Let to Buy works, and its pro's and considerations, along with details of how we can help with a Let to Buy Mortgage.
Table of Contents:
What is a Let to Buy?
So, what is Let to Buy exactly? Well, Let to Buy is similar to a Buy to Let proposition.
The Let to Buy situation usually arises where borrowers may be experiencing difficulties in selling their existing property, or who want to retain this property whilst they are away. In these instances, the borrowers let out their existing home to tenants, and borrow funds to enable them to purchase another home.
The advantages of Let to Buy
So, what are the benefits of a Let to Buy?
- You can rent out your existing home to enable you to buy another property
- It's an ideal way of being able to move out quickly, especially in times when the housing market is slow
- You can retain your existing home as an investment whilst your tenants pay the mortgage!
- Let to Buy can be a great way to creating your own Investment Portfolio of properties, providing the vehicle for future income and growth - an ideal supplement to your pension!
Let to Buy considerations
It's also important to remember to take these aspects into account:
- Seek the advice of qualified mortgage advisors, like Shire Direct, before proceeding with a Let to Buy, so that you are fully aware of all the facts.
- You must seek permission from your mortgage lender to let out your property
- You must also notify your household insurers
- If your property is leasehold, check with the freeholder to ensure you are allowed to sub-let.
Can Shire Direct arrange Let to Buy mortgages?
Yes, we certainly can!
A quick telephone call to one of our qualified mortgage advisors here at Shire Direct will help put you in the picture. Our advisors are available seven days a week from 8am until 10pm on FREEPHONE 08000 282 281. Alternatively, you can also enquire online at any time, it's both quick and easy!
Shire Direct has a portfolio of mortgage lenders that are able to assist in most circumstances and we will of course carefully assess your needs, requirements and aspirations together with your circumstances and come up with the most appropriate solution for you.
You'll find us to be approachable, friendly, helpful and professional without that air of stuffiness that you might find elsewhere! So, please don't hesitate to get in touch if you would like to discuss your requirements and we'll be delighted to provide you with an in-principle decision - whatever your circumstances!
Hopefully that is the basics of Let to Buy explained for you - we hope we've managed to answer any initial Let to Buy questions you may have had. Don't forget there is a wealth of further mortgage related information throughout our site, so why not take a little time out to explore your options and please do get in touch if you feel we could be of assistance, we'd love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.