Hi there my partner and I are interested in the let to buy option. We have £32,000 left on our current mortgage, and our house has has a value of £80,000. We were looking to buy another home for about £125,000 in the area. The rent is around £500pcm, and we were wondering if this is a possible option? Thanks.
From the details you've provided it looks feasible to do a Let to Buy, and capital raise on your existing property (typically 75% LTV), which would release around £28,000 towards the purchase of your new home.
We can then submit a new main residence application, with the choice of lender / product, based on the rest of your personal financial situation.
I'd recommend having an initial discussion with one of our consultants to get a better idea of exactly what we can do to get you moving into your new home. If you'd like to do so, then please let me know and I'll arrange a convenient time to speak to one.
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