What is the difference between let to buy mortgage and buy to let mortgage in Manchester?

As can probably be figured out by the similar sounding names, a let to buy mortgage is just another variation of the ever popular buy to let mortgage. The latter involves taking out a mortgage on a property, purely with the purpose of renting it out and generating income. The difference when dealing with a let to buy mortgage in Manchester, is that they typically end up happening with “accidental” landlords. This is where you maybe don’t have plans initially to become a landlord, only to later decide that it is something you’d like to do. Rather than going through all the stresses of selling a home and buying a new one, more often than not, homeowners will opt to rent out their home, using the income generated to pay off their brand new residential mortgage.

Are there any stamp duty charges in Manchester?

You should make sure that you are aware of all the costs when applying for a mortgage, and this is very much the same for a let to buy mortgage in Manchester. Stamp Duty will not apply to everyone, so it is always important to check ahead of time. As an open & honest mortgage broker in Manchester, one of our trusted and experienced mortgage advisors in Manchester will tell you every cost that will be involved in your mortgage process, such as Stamp Duty, during your free initial mortgage appointment.

Let to Buy Mortgage Advice in Manchester

What is a let to buy mortgage in Manchester?

A let to buy purchase and mortgage is the process of renting out the current property that you own and live in, as a means to purchase your new home.

For this to be achieved, you will need to remortgage your home, switching it from a residential mortgage and changing it onto a new let to buy mortgage instead.

Furthermore on this point, you will also be taking on a brand new mortgage on another property, this one being the new home that you are moving to.

Both mortgages will run alongside each other, as you will need to release funds from one of them, in order to put down the deposit on the other one. You won’t necessarily use the same mortgage lender for each, they’re just separate entities that rely on each other.

Let to Buy Mortgage <br>Advice in Manchester

How do I get a let to buy mortgage in Manchester?

For a property owner to be able to get a let to buy mortgage in Manchester, order to obtain a let to buy mortgage in Manchester, you will need to match up with the appropriate criteria. Your mortgage advisor in Manchester will review your circumstances during your free initial mortgage appointment, in order to make sure a let to buy is right for you.

The qualifying criteria for a let to buy mortgage in Manchester includes, meeting the affordability requirements for your new home, making sure you have at least a 10% for your new home, as well as a 25% deposit to put down on your let to buy property (this can be done by releasing equity during your remortgage).

You must also make sure that your rental income is abe to cover 125% of the payments you have for your new let to buy mortgage in Manchester. A good credit score is definitely recommended, though it could also be possible to obtain a let to buy mortgage in Manchester with bad credit.

We can provide expert let to buy mortgage advice in Manchester?

As expert mortgage advisors in Manchester, we have helped a wide variety of customers over the years in remortgaging their residential mortgage into a new let to buy mortgage in Manchester. We are able to search 1000s of let to buy mortgage deals, to find the most suitable one for you.

Book a free initial mortgage appointment online with a fast & friendly mortgage broker in Manchester today and we will get the ball rolling on your let to buy mortgage in Manchester.

Speak to an Advisor

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.

FAQs for Let to Buy in Manchester

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Danielle

We can’t thank Malcom and his team enough for getting us on the property ladder. A year ago we didn’t think it was possible but they did everything they could to find us our mortgage. Thank you so much!

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Conor is always outstanding with his follow through and team is fantatsic. Always a joy to deal with. Cheers.

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Danniela

The service was absolutely amazing. Lee was very easy to communicate with and very helpful.

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Excellent customer service provided experts who fully support their clients.

1 month ago

Alina

Matt and the team have been brilliant! Really knowledgeable, got everything sorted out so efficiently and quickly! Can't ask for better service! Will definitely be recommending to my friends!

1 month ago

Linda

We were offered a really poor mortgage deal by our own bank (despite banking with them for over 40 years), and their adviser didn’t seem to know how to help us. A colleague suggested trying a mortgage broker, so we searched online and found...

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Frederick

Experience team, very helpful, understanding, patient, work as a team.

2 months ago

Helen

Debbie and Chris have been amazing. Keeping me informed every step of the way. Recommend UK Moneyman

2 months ago

Timothy

Great service from the start, will certainly use them again.

2 months ago

Habib

Really good service,Jason and Stacy were really good and made it easy

2 months ago

Bryn

Charlie was pleasant, thorough and efficient. In just half an hour he had explained several different options for my remortgage and we had come to an agreement on how to proceed. Such a great service!

3 months ago

Michael

The service was excellent with a personal advisor walking me through the process end to end, answering any questions I had throughout. Would highly recommend to anyone!

4 months ago

Dawn

Leo Shakespeare and Stacey Moss have been Fantastic throughout the process of getting our mortgage they have been in contact throughout explaining everything to us from start to finish we can not thank them both enough for helping with this process...

4 months ago

Deborah

Excellent and friendly customer services

5 months ago

Dr William

Charlie has been so helpful and very approachable. The whole team at ManchesterMoneyman have been great. Highly recommend to others!

5 months ago

John

Charlie was friendly, thorough and full of advice, which was great as a first time buyer. He was also very accommodating of my extra needs due to my loss of hearing, which is quite rare in my experience. I’d highly recommend Manchestermoneyman and...

5 months ago

Anonymous

Chris - our mortgage broker has been incredible throughout the process. Very pleased with the service offered and will be back when we need to remortgage.

5 months ago

Anonymous

We received a great service, no hassle for us, they worked quickly with initiative and secured a good product.

6 months ago

Mr.

We have used Manchester money man a few times now and always find them to provide us an excellent service. They offer all options and explain the pros and cons of each allowing us to make an informed decision. Could not recommend highly enough

6 months ago

Our Simple Mortgage Process

Free Initial Mortgage Appointment

One of our mortgage advisor in Manchester can help you determine your realistic investment goals based on your financial situation and market conditions.

We Can Search 1000s of Mortgage Deals

We can also explain the differences between interest-only and repayment mortgages, and help you decide which type of mortgage is most suitable to your investment strategy, if you don’t know so already.

Submit Your Mortgage Application

This application will include all required documents, such as proof of income and identification. The lender will then assess your projected rental income to ensure you can afford monthly payments and any additional costs, such as maintenance and repairs.

Protecting You and Your Mortgage

After obtaining your let to buy mortgage and purchasing your rental property, it is important to maintain relevant insurance coverage to protect your investment.

Reasons to Choose Us

Free Mortgage Review

Whilst your circumstance may seem complex, it’s entirely likely we have encountered something similar in our time in the industry. We will do what we can ato answer all of your mortgage questions and reduce your stresses.

1000s of Deals

We have the ability to search through 1000s of mortgage deals for you. We want to give you a positive customer experience and leave you with the most suitable deal that you can get. Book your free initial mortgage appointment today and we will see how we can help.

Our Service

Our trusted team of hard working and long serving mortgage advisors in Manchester have an immense knowledge of helping many homeowners move towards their property owning goals, helping many let to buy mortgage seeking future landlords to achieve what they are looking to do

7 Days a Week

As a team of fast & friendly mortgage advisors in Manchester, we work 7 days a week, from early on until late at night, offering appointments that suit you, subject to availability.