Let to BuyIf your client is a first time or experienced landlord looking to remortgage their existing main residence as a Buy to Let property and purchase a new residential property, we can help. You’ll find our full range of options in the ‘Let to Buy’ section of our product finder.
Important note: Applications where the new residential property will be purchased with cash are considered provided the current main residence is unencumbered and the onward purchase is not a private sale.
Let to Buy
How much will we loan?
- The maximum LTV we’ll consider for Let to Buy mortgages is 80%*. See our table for maximum loan amount per property.
*Over 75% LTV only available on properties with an EPC rating of C or above at application.
What you should know
- Applicants must’ve owned and lived in their residential property for at least six months (with or without a mortgage) at the time they apply.
- We’ll only accept applications where there’s a simultaneous onward purchase of a new residential property (with another lender), address to be supplied on application and confirmed by the acting solicitor prior to completion.
- Applicants must leave the address on which the loan is secured upon completion – and provide us with a new correspondence address.
- If the new residential property is bought using a mortgage, a copy of the onward residential mortgage offer must be provided prior to completion.
- The onward property must be immediately habitable – and this must be confirmed either by the property’s sales literature or a physical valuation/Home Survey Level 2 Report (which replaced the Homebuyer Report).
- The names on both the onward purchase and TMW mortgage should match. Any variance in ownership can be considered prior to application.
- Joint applications, or applications where the onward purchase is in joint names, can only be submitted if the applicants are partners.
- The applicant's main residence must not be listed for sale on the open market or sold subject to contract.
- The same solicitor must act on behalf of your client for both purchase and remortgage transactions.
- To submit cases for simultaneous The Mortgage Works and NFI applications, please read our Let to Buy processing guide.
- Where the applicant is using the lower 125% ICR, proof of personal income is required, but in all other cases we don’t normally need this. Please note: if we do need to see proof of personal income for another reason then we’ll ask you to send this to us.
- Applications where the new residential property will be purchased with cash are considered, provided:
- The current main residence is unencumbered
- The onward purchase is not a private sale.