Let-to-Buy Mortgages
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Let-To-Buy Mortgages
Moving home is exciting—until you realise you’re not quite ready to say goodbye to your current property. Maybe the market isn’t right for selling, or you like the idea of keeping your old home as an investment. That’s where a let-to-buy mortgage comes in—allowing you to rent out your existing home while securing a new mortgage for your next property.
In essence, it’s a way to move without selling. You remortgage your current home onto a buy-to-let mortgage, freeing up equity to use as a deposit on your new residential mortgage. It’s an option that works particularly well for:
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Homeowners struggling to sell but keen to move
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Those looking to build a property portfolio without losing their existing home
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Couples moving in together, each with a property they’d rather keep than sell
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Anyone wanting to keep a foothold in the property market while upgrading their home
Sounds simple enough—but because you’ll need to meet two sets of lender criteria (one for your buy-to-let mortgage and one for your new residential mortgage), getting the best deal isn’t always straightforward. That’s where Delta Mortgages’ let-to-buy specialists come in.
We’ll compare let-to-buy mortgage rates, find lenders that fit your situation, and make the process seamless—so you can focus on moving home without worrying about the financial logistics.
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Three Simple Steps to Securing Your Let to Buy Mortgage
Investing in property is exciting—but juggling two mortgages at once? That can feel a bit daunting. That’s where we come in. At Delta Mortgages, our let-to-buy mortgage advisers handle the complexities, so you can focus on moving into your new home while keeping your old one working for you.
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Get Your Let-to-Buy Mortgage Agreement in Principle
Once we’ve found the right mortgage for you, we’ll secure your agreement in principle (AIP)—so you know exactly how much you can borrow before you commit. That way, you can move quickly when you find your dream home, with confidence that everything is lined up behind the scenes.
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We’ll Search the Market for the Best Let-to-Buy Mortgage Rates
With 100+ lenders and thousands of mortgage products, we’ll compare let-to-buy mortgage rates, eligibility criteria, and lender requirements—all tailored to your unique circumstances. No need to trawl through endless comparison sites (or decipher mortgage small print); we’ve got it covered.
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Speak to a Let-to-Buy Mortgage Adviser
Start with a free initial, no-obligation chat with one of our specialist mortgage brokers. Whether you’re new to letting out your home or considering let-to-buy as part of a long-term strategy, we’ll walk you through the process, explain your options, and answer any questions—minus the jargon.
At Delta Mortgages, we make the let-to-buy mortgage process as smooth and stress-free as possible—because moving home is enough of a job without mortgage admin on your plate.
Find Moving Home Mortgage Lenders
Access the most competitive mortgage rates today—tailored to your income and circumstances.
Speak with Delta Mortgages today. With access to 100+ lenders and over 14,000 mortgage products, we’ll take the time to understand your unique situation and match you with the best possible mortgage deal. Already have a mortgage in principle? No problem—it’s always worth comparing to ensure you're getting the best rate.
How Does a Let-to-Buy Mortgage Work?
Let-to-buy is a practical solution if you want to move into a new home but keep your existing property as a rental investment. Instead of selling your current home, you remortgage it onto a buy-to-let mortgage, freeing up equity that can be used as a deposit on your next property. At the same time, you secure a new residential mortgage for your onward purchase.
It’s a popular option for:
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Couples combining homes – If both partners own properties, keeping one as a rental can be a smart financial move.
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Struggling to sell – If the market isn’t playing ball, let-to-buy lets you move forward without waiting for a buyer.
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Releasing equity – If you’ve built up equity in your current home, it could help fund your next move.
Your existing mortgage is switched to a buy-to-let mortgage, allowing you to rent out your property.
You take out a new residential mortgage for your onward purchase.
If you have equity in your current home, you can release funds to use as a deposit on the new property.Being a landlord isn’t for everyone. There’s maintenance to think about, rental voids to cover, and tax to consider, including stamp duty on your new property if you’ll own two homes. Lenders also have specific affordability rules, meaning you’ll need to show both mortgages are financially viable.
At Delta Mortgages, we make the process simple. We’ll help you assess affordability, compare let-to-buy mortgage rates, and find the right lender—so you can move ahead with confidence, whether you're stepping up the property ladder or starting your journey as a landlord.
Is Let to Buy Right for Me?
Let to Buy can be a great option in certain situations, but like any financial decision, it’s important to weigh up the pros and cons before taking the leap. Here are some of the most common reasons people choose a Let to Buy mortgage:
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You want to keep your current property as an investment rather than sell it.
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You’re struggling to sell your home quickly and need to move now.
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You have enough equity in your existing property to release funds for a deposit on your new home.
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You’d rather avoid being stuck in a property chain that could delay your move.
If you’re unsure whether Let to Buy is the right fit for your plans, our mortgage advisers (and they are all lovely by the way!) can help you explore your options and crunch the numbers—without the jargon or sales pitch. Just honest, practical advice to help you make an informed decision.
Make Sure You Speak to a Let-to-Buy Mortgage Adviser
Let to Buy mortgages involve two mortgages at once, so finding the right lender is key. Whether you're keeping hold of your first home as an investment or navigating the process due to market conditions, getting expert advice can make all the difference.
At Delta Mortgages, we have access to 100+ lenders and thousands of Buy to Let mortgage products, meaning we can find the most suitable deal for your circumstances. Our specialist mortgage brokers take the time to understand your goals, ensuring you get the right mortgage—without the hassle.
Quick Stress Tests
Instantly assess affordability based on rental income.
Access to the Full Let-to-Buy Market
From high-street lenders to specialist providers.
Check the Best Rates
Compare let-to-buy mortgage rates from across the market.
Zero Impact on Your Credit Score
Explore your options risk-free.
Let’s find the best way forward—without the stress.
What Are the Lending Criteria for a Let to Buy Mortgage?
Let to Buy mortgages come with a unique challenge—you’re applying for two mortgages at once:
1. A residential mortgage for the home you’re moving into.
2. A Buy to Let mortgage for the property you’ll be renting out.
Because of this, lenders will assess you based on two sets of criteria:
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Residential mortgage affordability – Lenders will want to see that you can comfortably afford repayments on your new home, based on your income, outgoings, and credit history.
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Buy to Let mortgage criteria – You’ll usually need at least a 25% deposit, and your expected rental income must meet the lender’s stress test. That means the rental income needs to cover 125%–160% of the stressed interest rate—not the actual mortgage payment. The stress rate is typically set by the lender (e.g. 5.5%), so it’s a higher benchmark used to ensure you can cover costs even if rates rise. If you’re a higher-rate taxpayer, some lenders may use an even tougher stress test.
Different lenders have their own rules, such as age limits, property types, and maximum borrowing limits, so finding the right fit can feel like a maze. But that’s where we come in. Our awesome Let to Buy mortgage brokers will match you with lenders that suit your circumstances and ensure everything runs smoothly.
Can I Switch My Current Mortgage to a Buy to Let?
If you already have a residential mortgage but want to rent out your home, you may be able to switch it to a Buy to Let mortgage without needing to remortgage elsewhere. Some lenders offer a straightforward conversion, but there are a few things to keep in mind:
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Lender restrictions – Not all lenders allow a simple switch, and those that do may not offer the most competitive rates.
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Consent to let – Some lenders allow you to rent out your home on a short-term basis without switching to a full Buy to Let mortgage (ideal if you only plan to rent temporarily).
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Remortgaging for better deals – If your current lender’s Buy to Let rates aren’t competitive, it might make sense to remortgage with a different lender instead.
There are several ways to structure Let to Buy financing:
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Switching your current mortgage to Buy to Let while taking out a second mortgage for your new home.
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Finding a single lender to handle both mortgages under one roof.
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Keeping each mortgage separate with different lenders to maximise your options.
The right approach depends on your finances, goals, and the best available mortgage deals. That’s why working with a specialist Let to Buy mortgage adviser can save you time, money, and a whole lot of paperwork. Let’s explore your options together.
How Much Deposit Do I Need for a Let to Buy Mortgage & How Much Can I Borrow?
With a Let to Buy mortgage, your borrowing power depends on two key factors—how much equity you have in your current property and how much you need for your onward purchase.
Most lenders allow you to borrow up to 75% of your existing property's value—meaning you can release equity to fund the deposit for your new home. In some cases, this could even be enough to buy the new property outright, removing the need for a second mortgage.
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Your current property is worth £200,000.
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Your existing mortgage is £100,000.
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A Let to Buy lender allows borrowing up to 75% of the property’s value, meaning you could raise £150,000 in total.
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You use £100,000 to pay off the existing mortgage and £50,000 as a deposit for your next property.
Some lenders offer even higher loan-to-value (LTV) ratios, with a handful going up to 95% on your new residential property—meaning you may only need a 5% deposit to move forward.-
Understanding how much you can borrow requires looking at both mortgages together, which is why speaking to a Let to Buy mortgage adviser can help you work out the most cost-effective way forward.
What is the Let-to-Buy Process?
Switching to a Let to Buy mortgage involves securing two mortgages at the same time—one to convert your existing property into a buy-to-let and another for your onward residential purchase. It might sound like a juggling act, but with the right mortgage adviser on your side, it’s far from impossible.
Here’s how it works, step by step:
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Getting Your Decision in Principle (DIP)
Once you're happy with the recommended mortgage deals, your adviser will secure a Decision in Principle (DIP) for both mortgages. A DIP is a lender’s initial agreement to loan you money, subject to final checks and a property valuation. This is essential before making an offer on your new home.
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Remortgaging & Making an Offer
With your DIP in place, you’re in a strong position to move forward. You’ll now:
✅ Start the remortgage process to switch your current home to a buy-to-let mortgage.
✅ Make an offer on your new home—knowing exactly how much you can borrow.
Because both mortgages need to align, your mortgage adviser will work closely with you to make sure everything runs smoothly.
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Pre-Application & Submission
Once your offer is accepted on the new home, things move up a gear. You’ll be assigned a Client Relationship Manager who will handle the submission of both your full mortgage applications.
At this stage, you’ll:
📌 Provide supporting documents (bank statements, ID, proof of income, etc.).
📌 Have your adviser double-check everything before submission.
📌 Sit back with a cuppa and a biscuit (custard cream, please, if you’re offering) while we liaise with both lenders and manage the paperwork for you.
We always aim to submit applications quickly to keep the process moving. If you’re waiting for an offer on your new home, your remortgage application can proceed first.
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Lender Underwriting & Property Valuations
Both lenders will now review your application, double-check your documents, and carry out a valuation on each property—one for your current home (to confirm rental value) and one for your new purchase (to confirm mortgage suitability).
During this stage, lenders may ask for extra information—we’ll handle their queries and keep you updated.
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Mortgage Offer Approved
Once the lenders are happy, they’ll issue formal mortgage offers—one for your buy-to-let remortgage and another for your new residential purchase.
✅ You’ll receive a copy of both offers.
✅ Your solicitor will also receive them to start the legal process.
With offers in hand, you’re one step closer to completion!
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The Conveyancing Process
Now it’s over to the solicitors (or conveyancers) to handle the legal work. Here’s what happens:
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Buy-to-Let Remortgage: Your solicitor ensures the new buy-to-let mortgage is registered correctly. You’ll also need to inform your buildings insurance provider that your home is being rented out.
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New Residential Purchase: If your onward purchase is still in progress, your solicitor will work on exchanging contracts with the seller.
Important: Your new residential mortgage cannot complete until your buy-to-let remortgage is complete so this step needs careful coordination.
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Exchange & Completion – You Officially Own Two Properties!
For the buy-to-let remortgage, your solicitor will:
✅ Draw down the mortgage funds.
✅ Pay off any existing lender(s).
✅ Transfer any surplus funds to you (often used as the deposit for your new home).
At this stage, you’ll hand over the deposit for your new property purchase, and your solicitor will exchange contracts with the seller’s solicitor. The purchase completes when the mortgage lender transfers the funds on the agreed date—congratulations, you now own two properties! (and now it’s time for another celebratory custard cream!)
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First Conversation with a Let to Buy Mortgage Adviser
It all starts with a quick chat—either by phone or in person, whatever suits you. We’ll get to know your situation, your property plans, and what you’re hoping to achieve. From there, your mortgage adviser will research the best two mortgages for your needs—one for your new home and one to convert your existing property into a buy-to-let mortgage.
Let to Buy doesn’t have to be complicated, but it does need careful planning. That’s where we come in. Our Let to Buy mortgage advisers manage the entire process—from securing your two mortgages to handling all the paperwork and lender negotiations.
Are There Any Alternatives to Let to Buy?
Let to Buy isn’t the only way to keep your current home while buying a new one—though it’s one of the most structured options. Depending on your financial situation and goals, there may be other ways to hold onto two properties without switching to a Let to Buy mortgage.
If you’ve got the funds sitting in savings, an inheritance, or a well-timed lottery win (we can all dream), you could simply purchase your new home outright. No second mortgage, no additional borrowing costs, just a straight swap of cash for keys. Simple—if you have the budget for it.
Some lenders allow borrowers to have two residential mortgages, but they’ll want a solid reason for it. Typical scenarios include:
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Buying a second home for work relocation while keeping your existing property.
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Purchasing a countryside retreat for weekend getaways.
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Investing in a property for a child at university (cheaper than student digs in the long run).
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Providing a home for an elderly parent who wants independence but needs to be close by.
Lenders will assess affordability carefully (because, understandably, they don’t want you overextending yourself). But if your financials are in order, this could be a viable alternative to Let to Buy.
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If you’re not quite ready to jump into Buy to Let territory, some lenders offer Consent to Let. This lets you rent out your home while keeping your existing residential mortgage. However, it’s usually a short-term solution, and most lenders won’t let you release equity from the property to put towards a new home.
Let to Buy is often the best option for homeowners who want to move without selling, but if you’d rather keep things simple—or avoid the landlord life altogether—another approach might suit you better.
What If I Only Want to Rent Out My Property for a Short Period?
If you're thinking of letting out your home but only for a short time—perhaps while you relocate temporarily for work or because you’re struggling to sell—a full Let to Buy mortgage might not be your best option.
And here’s why:
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Early repayment charges (ERCs) can be costly – Most Let to Buy and Buy to Let mortgages come with fixed-term deals. If you remortgage but decide to sell sooner than expected, you could face early exit fees that eat into your profits.
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It’s not always worth the admin – Switching to Let to Buy means taking out two mortgages, dealing with affordability checks, and committing to a rental agreement. If you only need to let your property for a few months, that’s a lot of effort for little gain.
Consent to Let - Some lenders allow you to rent out your home temporarily while keeping your existing residential mortgage. It’s usually for a fixed period (often 6–12 months), and you’ll need your lender’s approval. Most lenders will also increase your interest rate while the consent is in place—think of it as a temporary price for the extra flexibility. Always check the terms before you go ahead.
A Flexible Buy to Let Mortgage – If Consent to Let isn’t an option, you could take out a Buy to Let mortgage instead. Some lenders offer flexible products with shorter terms, making them a better fit for short-term letting.
Bridging Loan – If you’re planning to sell soon but need to free up funds in the meantime, a bridging loan could help you access the capital without committing to a long-term Buy to Let mortgage.
The best approach depends on your circumstances—so if you're unsure which option fits your plans, our Let to Buy mortgage advisers are happy to talk through the possibilities and find the right solution for you.
How Much Will Stamp Duty Cost for a Let-to-Buy Property?
When buying a second property, stamp duty is one of the biggest costs to factor in. Because you’ll own two properties, you’ll now pay a 5% surcharge on top of the standard rate—known as the additional property levy.
Let’s say you’re buying a second property worth £400,000:
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Standard stamp duty (on a £400,000 property): £7,500
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Additional 5% surcharge: £20,000
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Total Stamp Duty Payable: £27,500
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If you were to sell your original home instead, you'd only pay the standard £7,500. So, the additional property levy makes a big difference—and it's something to budget for carefully when deciding whether to keep or sell your current home.
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Good news
If you do choose to Let to Buy and then sell your original home within three years, you may be able to claim a refund on the 5% surcharge—potentially saving thousands.
Are There Other Drawbacks to Let to Buy Mortgages?
Let to Buy can be a great way to move house without selling your current property—but like all good things, it comes with a few strings attached. Owning two properties means double the potential for things to go wrong—twice the maintenance, two sets of insurance, and the joy of juggling mortgage repayments while hoping your tenants don’t decide to stop paying rent.
Here are a few things to think about before taking the plunge:
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Managing two mortgages – Paying off two loans can be financially demanding, especially if your rental property sits empty for a few months. The bank still wants its money, even if you’re waiting on tenants.
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Fewer lender options – Let to Buy mortgages are a little more niche, meaning fewer lenders to choose from. And with fewer options, you may not get the same competitive rates as you would with a standard residential mortgage.
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Tax & admin – Your rental income needs to be declared to HMRC, meaning annual tax returns (or hiring an accountant to do them for you). Plus, there’s the not-so-lovely surprise of extra stamp duty on your second property.
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Responsibilities of being a landlord – Even if you use a letting agent, the buck stops with you. That means keeping on top of property maintenance, understanding legal requirements, and making sure you have a financial cushion for when things don’t go to plan.
That being said, Let to Buy can still be a fantastic way to build wealth, allowing you to generate rental income while holding onto a property that could appreciate in value. The key is making sure the numbers stack up—and that’s where experienced mortgage advice is invaluable.
Oh and in case you didn’t know – we’ve got some of those let to buy mortgage brokers right here at Delta Mortgages 😉
How Delta Mortgages Can Help You Secure the Best Let to Buy Mortgage
A Let to Buy mortgage isn’t just about securing a loan—it’s about making a smart financial move that works for both your future home and your investment. Whether you’re upgrading to a new property while keeping your existing one as a rental, or simply struggling to sell but don’t want to miss out on your next dream home, Delta Mortgages is here to make the process smooth, stress-free, and (dare we say it?) actually enjoyable.
At Delta Mortgages, our mortgage brokers do more than compare mortgage rates. We:
Find exclusive mortgage deals
Some of the most competitive Let to Buy mortgage rates aren’t available directly to borrowers. We have access to lender-exclusive products that could save you money.
Navigate the complexities for you
Managing two mortgages at once can feel like juggling fire—exciting but risky. We make sure everything aligns perfectly, so you’re not left with financial surprises.
Handle all the legwork
Sifting through lender criteria, checking affordability, submitting applications? Leave it to us. You focus on your big move; we’ll handle the rest.
Build a mortgage strategy that works for you
Whether you’re planning to keep your rental long-term or just need a stop-gap before selling, we help structure your mortgage so it aligns with your future goals.
Keep the headaches to a minimum
Two mortgages, one big move, and a to-do list that keeps growing? We’ll take care of the tricky bits so you can focus on the important stuff—like figuring out where the kettle is on moving day.
And because we keep our finger on the market’s pulse, we don’t just find you a great deal—we stay ahead of the game. If lender criteria change or a better rate appears before your mortgage completes, we’ll pivot fast to make sure you’re in the strongest position possible.
We know Let to Buy isn’t for everyone, and that’s why our mortgage advisers take the time to understand your plans and priorities. Whether you need to remortgage and release equity, secure two loans with the same lender, or explore alternative options, our mortgage advisers are here to guide you through every step.
Meet the Team That’s Got Your Back
At Delta Mortgages, we combine decades of experience with down-to-earth support that actually helps. No scripts. No waffle. Just lovely mortgage brokers who bring clarity, calm—and a bit of personality—to every step of your journey.
Get to know the people who’ll guide you from start to keys.
The Financial Conduct Authority does not regulate most forms of buy-to-let mortgages.
Your property could be at risk if you do not keep up repayments on a mortgage, or any debt secured on it.