Let to Buy

Let to Buy is a solution for clients who want to retain their existing home and rent it out, while purchasing a new residential property. Whether your client is relocating for work, upsizing, downsizing, or simply not ready to sell, Let to Buy offers a flexible way to transition between homes. 

What is Let to Buy?

Let to Buy allows clients to convert their current residential property into a Buy to Let, using the rental income to support the mortgage, while simultaneously securing a new mortgage for their onward residential purchase. 

Key features:

• Available for both standalone Let to Buy applications and where we’re also providing the mortgage for the onward residential purchase
• Up to 75% Loan to Value (LTV)
• Maximum individual loan of £750,000
• Maximum portfolio size of 3 mortgaged Buy to Let properties per applicant across all lenders, including Bank of Ireland Group.
• Property must have a valid Energy Performance Certificate (EPC) rated A-E (or A-D in Scotland).

Affordability assessment:

• Assessed using Interest Cover Ratio (ICR) or Top Slicing, depending on the client’s income and rental yield
• Rental income must be in GBP and meet minimum coverage requirements.
  

Best for clients who:

• Are moving home but want to retain their current property as an investment
• Need to complete both transactions simultaneously
• Have sufficient equity in their existing home to support a Let to Buy mortgage.