You may have heard of a buy to let, but what about a let to buy?
Read on to see whether this may be a viable option...
When it comes to property, there are various terms and strategies that can be a bit confusing. "Let to Buy" is one of those concepts that might not be as familiar as buying a home or renting one out, but it can be a valuable strategy for homeowners in certain situations.
Let to Buy is a property strategy that involves converting your current home into a rental property while simultaneously purchasing a new one to live in. It's a two-step process that allows homeowners to maintain ownership of their existing property and generate rental income from it, while also securing a new home for their own use.
You can adapt this method to forever changing circumstances without the stress of selling their current home. As well as putting yourself in a better position as a “accidental landlord” and chain free buyer.
By converting your existing property into a rental, you can offset the costs of the new home with rental income. This can make it easier to afford a more expensive or desirable property
To execute a Let to Buy strategy, it's crucial to consult with financial advisors, estate agents, and mortgage brokers who can guide you through the process. You'll need to secure a buy-to-let mortgage for your current property and a residential mortgage for your new home.