Let to buy mortgage to secure a new home
What was the situation?
Our client had spontaneously seen their dream home for sale, however they did not have their current home for sale. They wanted to act quickly to secure the new purchase as there were other parties looking to offer on this new home.
What was the issue?
They did not have enough funds for a deposit on the new home and needed to move quickly and release funds, ideally by leveraging their current property. To release the funds, they needed to obtain a let to buy mortgage on their current home. This would mean that they could rent out their old home, however the anticipated rental income they could receive, which they would use as the deposit amount, was calculating out to be lower than required.
What was the process?
Sourcing a lender from the whole of the mortgage market to ensure the best possible product for the client, we quickly secured a lender. The lender could not only release the funds needed from the let to buy mortgage, but could also look to lend on their new home.
What was the solution?
The lender was able to use the client’s income to support the loan in addition to the rental income for the new let to buy mortgage. This gave them the requested amount of funds for the deposit for the new home! The new income stream from their let property, once the monthly mortgage is paid, is able to be used to reduce their overall monthly costs for their new residential mortgage.
Looking for your next mortgage? Contact LDN Finance today.
Need expert mortgage advice?
We can help.
Get in touch with our expert residential mortgage advisers today to get started on your property finance journey. Whether you’re buying your first home, upsizing for more space or refinancing your property portfolio, our award-winning mortgage brokers have got you covered.
Testimonials
Our happy clients
As a returning customer, I would like to express my sincere thanks to the team for their outstanding support during the completion of my property purchase. In particular, Catherine and Darren have been incredibly helpful throughout the process. Their communication, professionalism, and customer service have been absolutely excellent, making the entire experience smooth and reassuring. Many thanks again for all your hard work.
My fiancée and I were recommended to LDN Finance when we started our mortgage journey, and the service we have received, and continue to receive, has been outstanding throughout. Phil Levesley initially looked after us and made what can be a very daunting process feel straightforward and easy to understand. He took the time to explain everything clearly, never rushed us, and was always happy to answer any questions we had. Nothing ever felt like too much trouble. As part of the process, we also wanted to explore a number of protection policies, and Phil introduced us to his colleague,
Owen was absolutely amazing and supported me every step of the way throughout the mortgage process. He was always clear, patient, and incredibly reassuring, making what could have been a stressful experience feel smooth and manageable. Bharathy was also really helpful, promptly getting in touch and making sure all the relevant information was handled efficiently. I couldn’t be happier with the service and would highly recommend them both. Five stars without hesitation.
Related Case Studies