A Let-to-Buy mortgage enables you to let out the property you currently live in, in order that you can purchase a new residential property.

There are several reasons why this might be an option for you, the most common being timescale. For example, if you have found your ideal home and are not in a position to wait until you sell your existing property or you can’t sell your property for the price you are looking for in the time required.

Another reason is that you would prefer not to sell your property as you believe it will be a sound long term investment and instead choose to let the property to cover the mortgage repayments. By changing the use of a property from residential (the property you live in) to a buy-to-let (the property you let out), you will need to change your existing mortgage to a buy-to-let mortgage, in addition to securing a residential mortgage on the new home that you will live in. It’s important to note that you cannot live in a property that has a buy-to-let mortgage against it and you cannot rent out a property that has a residential mortgage against it without the lender’s prior consent.

Let-to-Buy transactions are considerably more complex than standard residential mortgages or buy-to-let mortgages, largely because you are applying for two mortgages at the same time and the process of both applications needs to be managed as a whole in order to avoid hold ups. The timing of completion on each mortgage is also key as you cannot complete on the buy-to-let mortgage, whilst you still live in the property without the lender’s consent, so typically it is necessary to complete each mortgage on the same day.

Harris Begley offer a free, no obligation initial consultation to discuss your mortgage requirements and we will source and supply a mortgage quote for you without charge. After your free of charge consultation, if you confirm that you are happy to proceed with the mortgage quote supplied, you will be subject to a mortgage arrangement fee of £495, which is payable at the mortgage application stage. Our dedicated administration team are available 9am-5pm weekdays either by phone or email, so you can easily contact the person managing your mortgage application to ensure a fast, smooth process.

To book your free, no obligation initial appointment, please contact Harris Begley on Tel 01736 366550 or email enquiries@harrisbegley.co.uk


1. Get a valuation of your current property
The first step is to establish the value of your current property and to compare this with the mortgage amount you still owe. Ask three local estate agents to give you a valuation in order to gauge your property’s market value.

2. Find out the expected monthly rental income from your property
A local estate agent/letting agent can assess the expected monthly rental income of your property. Ideally choose a letting agent registered with ARLA (The Association of Residential Letting Agents). The rental income has a significant impact on the amount you can borrow, so it’s important to get a very accurate figure.

3. Speak to your existing mortgage provider
It might be possible to port your existing residential mortgage to your new residential property. Likewise, it might be feasible for your existing lender to grant you consent to let your existing property. Therefore, it makes sense to speak with your existing lender, in addition to seeking independent advice from your mortgage advisor.

4. Book your free, no obligation consultation with your dedicated mortgage adviser who will advise you of your options on Tel 01736 366550 or email info@harrisbegley.co.uk
Your Harris Begley mortgage advisor will find the mortgage solutions available for you and will manage your mortgage applications through to completion in order to ensure a fast, smooth process.

5. Make sure you can afford the additional debt
Our expert mortgage advisers will give you personalised advice based on your circumstances. Affordability is a key issue that you need to think about, ie. could you afford the payments on both mortgages if your rental property was empty for several months or if interest rates rise and your repayments increase. You lender will consider these eventualities, so it’s important to consider these possibilities first.

6. Be aware of your responsibilities as a landlord
Becoming a landlord is not something to take on lightly and it’s important to do your research beforehand. Read more on our Buy-to-let advice page.

7. Apply for each mortgage and track your progress
If you’ve done your research and are happy to go ahead the next step is to begin the application process for each mortgage. Harris Begley manage the application process from start to finish for you – chasing up lenders and solicitors to help take away some of the stress and hassle of simultaneously applying for two mortgages. Our dedicated administration team are available 9am-5pm weekdays either by phone and email and you can easily contact the person managing your mortgage application.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.