'LET to BUY'….A growing trend
We’re getting more and more requests to advise PROPERTY OWNERS who are struggling to sell their home as to whether renting out their property is a viable ‘fall back’ option.
Until recently, the only real option if they were having to relocate due to say work commitments was to rent out their home and then rent another property elsewhere themselves.
THIS IS CHANGING. With the availability of ‘LET to BUY’ mortgages you can rent out your existing property in order to buy another home locally or in a completely different location within the UK. It’s a really good way to retain your property if you’re relocating as a result of a job or change of circumstance for a period of time and have a need to purchase a new property whilst you’re away.
It can be of real benefit when used to break the buyers and sellers chain if you are having trouble selling your property or if you have little or no equity and would rather wait before selling.
Another benefit is being a way to retain your original property as an investment and benefit from the mortgage being paid by the tenants.
Let To Buy can also be a start to building a property portfolio that you could benefit from in the future, acting like a form of long term pension provision, once the mortgage on the property is paid off!
The rules are different from Buy To Let as you may be able to borrow a higher proportion of the property value, which means you may need a smaller deposit or if you have plenty of equity in your current property possibly no deposit is required at all.
At Osprey Lettings, we pride ourselves on being qualified, experienced property professionals and our priority is to provide a service to both landlord and tenant that is deemed second to none. Our comprehensive lettings services include full property management, tenant find service, ‘buy to let’ investment advice and full property maintenance programmes.
This is why we are quickly gaining a reputation for being the best choice of letting agent in Oakham, Stamford, Kettering and surrounding areas.
We’d be delighted to discuss and offer sound advice in relation to your property requirements.