| Property | Two-bedroom terraced house |
|---|---|
| Location | Hove, East Sussex |
| Client | Self-employed designer moving in with a partner and keeping her house |
| Product | Let-to-buy mortgages |
The challenge
Her residential mortgage was still within an early repayment charge period. She was unsure whether to ask her lender for consent to let or to remortgage straight away.
What we did
We compared both routes. Consent to let would have avoided the early repayment charge but added a loading to her rate and was only temporary. A let-to-buy remortgage cost more upfront, but gave her a long-term product built for letting. We used two years of her self-employed accounts and set out the figures for both options.
The outcome
She chose the let-to-buy remortgage, timed close to the end of her charge period to reduce the cost.
Let-to-buy mortgagesLet your current home and buy your next one, with two mortgages arranged together.
Learn moreImportant: Most buy-to-let mortgages are not regulated by the FCA. Your property may be repossessed if you do not keep up repayments, and a receiver of rent may be appointed.