We look forward to working with Pinpoint Financial Services for many years to come. Thank you again, Keith – wishing you and your team all the very best for the…
Keith Humphreys
Great service- so quick and very helpful
Very helpful & informative with information & answers to questions
Excellent. Made the whole process much easier than I thought. Thank you.
Keith and his team have done a fantastic job at helping us buy our house. He found us the best mortgage available that suited our budget and did everything he…
5 Stars!
We’ve recently worked with Pinpoint Financial Services for support with buy-to-let mortgages and couldn’t be more pleased with the service provided.
A special thanks goes to Keith, whose advice and expertise throughout the process have been nothing short of excellent.
Keith was very supportive and helpful especially when we had a bit of complicated issue to sort out. He was on the ball and got it sorted.
Great experience with PinPoint Finance- highly recommend!
Have used Pinpoint Finance several times now. Keith and the team once again offered great advice and help throughout. Would highly recommend!
Keith has been amazing from our first contact. Listening and advising what was the best deal for me. Really happy with the service and would highly recommend to friends and…
Kelvin has now completed two BTL mortgages, the service you receive is first class, highly recommend.
Great service helping to source suitable finance for a complicated portfolio
Keith was really efficient, great communication and resolved a complicated issue with my mortgage. I would highly recommend his services.
Keith was always approachable, knowledgeable, and went the extra mile to ensure we had the right products and full clarity at every stage.
Great customer service. Very much appreciated the way Keith helped in pushing things through at each stage to a successful completion.
Fantastic service, I highly recommend.
Very impressive service, no messing about with questionnaires. Straight forward and honest appraisal. Thank-you very much Keith for all you did. I will recommend your service to friends and family.
Fantastic experience with Keith at Pinpoint. I have previously used mortgage brokers and found Keith has taken this business to a different level. Very professional, efficient and so easy to…
Fantastic service very professional halved my Morgage repayments very happy
Excellent service from Pinpoint. They are very responsive. They are highly knowledgeable and professional but equally they take a very human approach, have excellent people skills and treat you as…
Contacted Keith at Pin Point Finance. The call was answered promptly and Keith was friendly and approachable. He listened to my circumstances and gave advice in a way I could…
What stood out most was the high level of communication and prompt response times – both of which are crucial when dealing with financial matters.
From start to finish i have been very pleased with the way Keith handled my case. He kept me informed all the way so I didn’t have to worry about…
Pinpoint Finance sorted remortgage for me. It was not easy task as i was in India but Keith on my behalf got things moving and eventually got it done.
Keith was able to explain what my best options were, and wasn’t at all pushy. I’ll definitely be contacting Pinpoint again in the future for all of my Commercial Finance…
Let to Buy Mortgages | Move Home Without Selling Up
Want to move but not ready to sell your current home? A Let to Buy mortgage could be the perfect solution.
At Pinpoint Finance, we help homeowners across York and Yorkshire unlock the value of their current property by turning it into a rental, while securing the finance they need for their next home. It’s a smart way to keep your existing home as an investment while stepping up the property ladder.
What is a Let to Buy Mortgage?
A Let to Buy mortgage allows you to convert your existing home into a rental property, freeing up equity to fund your new residential purchase. Essentially, you let out your current property and ‘buy’ a new one to live in, all with separate mortgage agreements.
Consumer Buy-to-Let Mortgage Classification
- Let to Buy mortgages are also referred to as Consumer Buy-to-Let Mortgages. Unlike standard buy-to-let mortgages, these come with greater consumer protection under Financial Conduct Authority (FCA) regulations.
This means that Let to Buy mortgages are regulated similarly to residential mortgages, providing you with added safeguards, clearer lending standards, and stronger consumer rights.
By choosing a Let to Buy mortgage, you benefit from enhanced protection against unfair practices, clearer terms and conditions, and access to the Financial Ombudsman Service if you have any disputes.
A Let to Buy mortgage allows you to convert your existing home into a rental property, freeing up equity to fund your new residential purchase. Essentially, you let out your current property and ‘buy’ a new one to live in, all with separate mortgage agreements.
Key Benefits of Let to Buy Mortgage:
- Avoid Property Chains: Move into your new home without waiting to sell your existing one.
- Generate Rental Income: Your current property becomes a source of income.
- Access Equity: Release equity from your property to fund the deposit for your new home.
- Step onto the Buy-to-Let Ladder: Expand your property portfolio without the hassle of selling
How Does Let to Buy Work?
- Letting Out Your Current Property:
- Remortgage your existing home onto a Let to Buy deal.
- Begin renting out your property to tenants, generating rental income.
- Purchasing Your New Home:
- Use the equity released from your Let to Buy remortgage as a deposit for your new property.
- Secure a standard residential mortgage for your new home.
Let to Buy Mortgage Criteria
A Let to Buy mortgage is a specialised form of Buy-to-Let mortgage, designed for homeowners who wish to keep their existing property as a rental investment while purchasing a new residential home. Since it is classed as a Consumer Buy-to-Let, it falls under the regulatory oversight of the Financial Conduct Authority (FCA), providing greater consumer protection compared to standard Buy-to-Let products.
To qualify for a Let to Buy mortgage, you typically need:
- A solid credit history
- A minimum equity level in your current property
- Sufficient rental income (usually 125% to 145% of the mortgage payment)
- Affordability checks for the new residential mortgage
- Evidence that your current property can generate enough rental income to meet the lender’s requirements
If you want to learn more about standard Buy-to-Let Mortgages, visit our Buy-to-Let Mortgages page for detailed information.
Frequently Asked Questions on Let to Buy Mortgages
Yes, if you purchase a new residential property while keeping your current one, the higher rate of SDLT for second properties usually applies. However, if you sell your original home within three years, you may be eligible for a refund of the additional SDLT paid.
For more details on enhanced Stamp Duty Land Lax (SDLT) visit www.gov.uk here:
Yes, if you purchase a new residential property and still own your previous home at the time of purchase, you’ll typically pay the higher rate of SDLT applicable to additional properties. However, if you sell your previous main residence within three years of buying your new home, you may be eligible for a refund of the additional SDLT paid.
For more details, visit www.gov.uk here:
No, once your property is converted to a Let to Buy mortgage, it is classified as a rental property, and you are expected to rent it out to tenants. Living in the property would breach the mortgage terms and could result in financial penalties or a demand for full repayment from the lender.
Let to Buy Mortgages in York and Yorkshire
We understand the property landscape in York and Yorkshire. Whether you’re in Leeds, Harrogate, Sheffield, or York, our team will find you the best deals and guide you through every step of the process. Serving Yorkshire and across the UK.
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