Let to Buy
If 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
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.
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 130% 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.
See our general criteria for full details