Let to Buy Mortgage Calculator & Guide

Found yourself in a tricky ‘let to buy’ situation and wondering what the options are? You can use our let to buy mortgage calculator to find out how much you can borrow on both properties! If you have any other questions just get in touch with our advisors who will be happy to help! We are experts in let to buy!

A Helpful Let To Buy Mortgage Calculator

let to buy calculator

Considering renting out your existing home, freeing up some money and then moving to a new family residence? Great, this calculator will help you understand whether a let to buy could be a viable option for you.

Let to buy can be a very complicated process, and we recommend that you use the calculator as reference only, before talking to our expert mortgage advice team. 

Find out more about this mortgage option in our comprehensive guide below. Remember, you can speak with one of our mortgage advisers at any time if you want to discuss something in more detail. 

How to Use Let To Buy Calculator
  • Enter how much you are borrowing or intend to borrow
  • Enter the interest rate
  • Enter the mortgage term remaining
  • Select the repayment type of your mortgage
  • Enter any lump sum payment that you expect to make and the expected due date
  • Enter the amount you plan to regularly overpay and the frequency
  • Calculate!
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Let to Buy Mortgage Guide

After using the calculator, if you’re still unsure about whether let to buy is a viable option for you, take a read through this useful guide which explains everything you need to know about this mortgage type

In this article

What is a Let to Buy Mortgage?

let to buy guide

For many buyers looking for a new home, the frustrating and slow part of the process can be selling their existing home. With a let to buy mortgage, you can buy your new home as well as keep your existing home to rent out to tenants. With rental property in high demand in many parts of the UK, the buy to let market has been growing significantly in recent years.

With let to buy mortgages, you are basically remortgaging your existing home to a buy to let mortgage and withdrawing the equity to use as a deposit on a new residential property that you intend to move to.

Why Let to Buy?

There are several reasons why you might take out this mortgage type as follows:

Let to Buy or Buy to Let: What’s the difference?

Both these mortgage types are options if you are looking to rent out a property. A let to buy mortgage is applicable if you want to rent out a property you already own and currently live in

A buy to let mortgage is applicable if you want to specifically buy a property to let out. The reality is that they are extremely similar but lenders will often review the situations differently, have different lending criteria and possibly different deals.

If you want further information about buy to let mortgages then you can read our comprehensive guide to buy to let.

let to buy

Important things to consider with Let to Buy

Is Let to Buy a viable option for me?

You can use our calculator to work out whether the numbers could add up in your favour. As mentioned, the criteria for this type of mortgage can be tricky so you will need to talk to one of our advisers in order to fully understand your options.

What are the advantages and disadvantages of Let to Buy?

Advantages

Disadvantages

Alternatives to Let to Buy

alternatives in let to buy

There are a few alternatives that should be considered before you make your final decision.

Renting

Instead of purchasing another property, you could consider selling your existing property and moving into rented accommodation for a while. You will then be a chain-free buyer which could help you get a better deal on the next property. You won’t be growing your property portfolio however. 

Buy-To-Let Mortgage

Buy to let is an alternative if you’re willing to move out of your existing property to then secure a buy to let mortgage on that property instead of your existing residential mortgage. This can be costly and complex however. 

Consent to Let

This is where a lender grants you consent to let out your residential mortgage, allowing you to move and let out your home for a relatively short length of time. It might be hard to get a second residential mortgage however, while you have consent to let.  

Final considerations

let to buy final considerations

The let to buy mortgage process is very complex but can be a rewarding solution if you are looking to hold onto your property assets. Remember that being a landlord and juggling multiple properties can be time consuming and stressful. 

There are also many tax implications to consider when you have a rental property. Contact us to discuss your situation and we will be happy to help.

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