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

As you can probably tell from the very similar sounding names, a let to buy mortgage is just another type of buy to let mortgage. A buy to let in Leeds is where you take out a mortgage on a property, with the sole intention of letting (renting) out a property, so that you have a means to generate additional income. The difference when you have a let to buy mortgage in Leeds, is that it is often something found with “accidental” landlords, who perhaps at first didn’t have any plans to become a landlord, later deciding that this is something they would like to do. Instead of going through all of the stress involved with selling your home and purchasing a new buy to let, often homeowners will decide to just rent out the home they already have, using the income generated to pay off the balance of their new residential mortgage, on the new home they have moved into.

Are there any stamp duty charges in Leeds?

You should always make sure that you are aware of the costs involved when you are applying for a mortgage, and this works exactly the same for a let to buy mortgage in Leeds. Stamp Duty will not apply to every user, so it is always that you look into this ahead of time. As an open & honest mortgage broker in Leeds , one of our trusted mortgage advisors in Leeds will make sure that you are aware of all the costs that involved in your process, including Stamp Duty, whilst you are in your free initial mortgage appointment.

Can I get a let to buy mortgage in Leeds with bad credit?

Because this type of mortgage will be linked to a residential and buy to let aspect of owning a property, you may find that you have much stricter criteria for a let to buy mortgage in Leeds. Whilst you might have a low credit score, CCJ, default and a history of late payments, and those sorts of things may have an impact on your ability to take out a mortgage, there are specialist mortgage lenders that we have available on panel, that may potentially be able to help.

Let to Buy Mortgage Advice in Leeds

What is a let to buy mortgage in Leeds?

A let to buy purchase and mortgage is the act of renting out your current home, so that you are able to purchase a new home for yourself to live in, becoming a landlord to your old home in the process.

For a homeowner to be able to achieve this, they will have to remortgage their property from the residential mortgage that it will currently have, allowing them to then take out a let to buy mortgage.

Furthermore, the homeowner will be taking out a new residential mortgage on the home that they are planning to move into.

Both mortgages will run alongside each other, as you will need the funds to be released from your remortgage on the first property, in order to place a deposit for your new home.

This doesn’t mean you will have to use the same mortgage lender, you just have a mortgage that will be relying on the other one being completed.

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

In order for you to obtain a let to buy mortgage in Leeds, you will need to be able to meet appropriate criteria. Your trusted mortgage advisor in Leeds will review your case during your free initial mortgage appointment, so that they can determine is this is right for you to do.

The qualifying criteria that you will have to meet in order to get this type of mortgage, include meeting affordability requirements for your new home, having at least a 10% deposit for your new home, as well as a 25% deposit to put down for your buy to let (this can be equity that you have released during your first properties remortgage).

You will also need to make sure that the income you make from your rent can cover 125% of the payments you now have for your new buy to let mortgage. A good credit score will be recommended, though you could possibly obtain a let to buy mortgage if you have bad credit.

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

As providers of fast & friendly mortgage advice in Leeds, we have helped a lot of customers to remortgage their property and switch it to a residential mortgage, on a let to buy mortgage in Leeds.

Our team of dedicated mortgage advisors in Leeds are able to take a look through 1000s of let to buy mortgage deals, in order to find the most suitable one for your personal and financial circumstances.

Book your free initial mortgage appointment online with an experienced mortgage broker in Leeds today and we will look at the ways we are able to help you.

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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 Leeds

Our Customers Love Us

4.98 Rating280 Reviews

Joseph

Leo & his team have been very helpful and explained everything in great detail so I could understand. 100% recommend!

2 weeks ago

Luke

Malcolm, Louise, and team were great - helped me with a slightly more complex situation and were on hand every step of the way. Great service and would definiitely recommend!

2 weeks ago

Satvinder

They have been responsive, profesional and commmitted from the start of the first conversation. I would recommend them to anyone wants a highly personal service with real expertise in the mrket.

3 weeks ago

Both Dinah and Lewis were super helpful when I was applying for my mortgage. They gave clear and easy to understand advice and kept me updated on the process. Would definitely recommend.

2 months ago

Joe

Fantastic service. I dealt with Charlie 5 years ago for my first mortgage and Dan again for my remortgage recently. Always on the ball, friendly and knowledgeable.

2 months ago

Connor

Excellent service. Have responded instantly to any of my emails and questions and helped guide someone who knows absolutely nothing through the whole process. Despite having a tricky scenario other lenders denied they got me sorted out far quicker...

4 months ago

Luke

Malcolm, Stacey & Team were fantastic throughout the process. Their communication is clear, friendly, and they provide regular updates during a stressful period. The application was dealt with professionally and I would definitely recommend their...

4 months ago

Anonymous

Helpful and knowledgable.

4 months ago

Kirk

Used Leeds moneyman a couple of times now. Service levels have been great each time, securing a good rate and helping me through the process. The fee is worth every penny and I wont hesitate to use them again in the future. Thanks for Chris, Jo and...

4 months ago

Mr Devmith

Daniel was very knowledgeable, friendly and took the time to speak with me and take my point of view into consideration as well. Definitely a return customer!

4 months ago

Joan

Great service

5 months ago

Anonymous

Great company, I have been working with them across many years fo me two properties (a residential mortgage and a buy-to-let), remortgaging many times and always getting sensible advice. In the end they save you a lot of money and time.

6 months ago

Anonymous

Really listened and understood what I needed from my insurance, and did a good job finding something aligned with my price point. I felt they had an in-depth understanding of the market, and used this information to provide me with a tailored...

6 months ago

Mr James

Daniel was brilliant start to finish. Professional, thorough and most of all very patient and accommodating. Reassured me all the way and ensured I'll 100% be using his services again. I hope his hard work is appreciated in the company, thanks very...

6 months ago

Kelly

Best company to use!! Tom and stacey have been amazing! Has a first time buyer I wasn't sure of much of the mortgage process. Tom explained everything to me in terms I would understand and has been great in keeping me up to date. Stacey has carried...

6 months ago

Anna

Chris has been absolutely fantastic walking us through the process of buying our home as clueless first time buyers! All questions were answered promptly and we were able to have evening meetings with him to work around our working hours. Chris has...

6 months ago

James

Extremely helpful and informative

6 months ago

Anonymous

Answered all my questions and very worry free

7 months ago

Miss Megan

I came to Moneyman for help with my first home purchase. Jason and the team went above and beyond to answer every question I had, as well as break down every step that I needed to take with care and professionalism. All correspondence was answered...

7 months ago

Mr Paul

Would highly recommend Leedsmoneyman, have used them every time since securing our mortgage first time around. Lewis Davidson & Daniel Dunning-Hornby have been especially helpful and always on hand when needed

7 months ago

Our Simple Mortgage Process

Free Initial Mortgage Appointment

Our mortgage advisor in Leeds 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 initial mortgage review

We know that getting a mortgage can have its complexities, so we’ll make sure we are always here to answer any burning questions you may have for us. We work for you, aiming to reduce your stress levels and bring you one step closer to the edge of mortgage success.

Book yourself a free initial mortgage appointment online today and speak with a member of our fantastic team of mortgage advisors in Leeds.

1000s of Deals

Our fast & friendly mortgage advice team have the ability to look through 1000s of mortgage deals on your behalf. As a newly crowned landlord taking on the process of a let to buy mortgage in Leeds, you want to know you have the most suitable mortgage deal. It’s our goal to give you a positive mortgage experience!

Our Service

Every customer who gets in touch will reap the benefits from a free initial mortgage appointment that will take place either over the telephone or with a Microsoft Teams video call.

You may believe that you have a rather difficult situation, but by using our 20+ years of mortgage advising experience, we are able to tackle a wide variety of mortgage circumstances. It is highly likely that we will have come across something similar to your mortgage situation in the past.

7 Days a Week

Our fantastic team of hard working and dedicated mortgage advisors in Leeds have a vast, in-depth knowledge of helping many homeowners to take the next step in their mortgage experience, as they take the next steps to their new life as a landlord, with a let to buy mortgage in Leeds.

As a team of trusted and reputable mortgage advisors in Leeds, we work hard every day of the week, from early on in the morning until late at night. This means we are able to offer our customers appointments at times that are most convenient to your daily life, subject to appointment availability.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

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Leedsmoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.

UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.

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