What is Let-to-Buy?
A Let-to-Buy mortgage is where you convert your residential home into a Buy-to-Let.
This is typically done by remortgaging the property to a Buy-to-Let lender. It is common to then use the additional funds as a deposit for a new residential home.
You would then apply for a new residential mortgage on a property you are going to live in.
Can I change my current mortgage to a Let-to-Buy with Gen H?
No, we're on a mission to create new homeowners, not more landlords. This means we do not allow our properties to be rented out.
However, we could look to lend on your new residential home. In order to do so, we would require that your current mortgage is in the process of being converted to a Buy-to-Let. We would need to see the Buy-to-Let mortgage offer to confirm this.
These mortgages would usually complete simultaneously to ensure you could move into your new home in time.
My current lender is offering consent to let on my existing property, is that something you accept?
No, as a consent to let is designed to be a temporary solution with you moving back into the property as your residential home.
A Buy-to-Let is a long term solution for the property to be rented out.