If you’re planning to move house in York but want to keep your current property as a rental, a Let to Buy mortgage in York could be the right fit.

This type of mortgage allows you to release equity from your existing home and switch it to a Buy to Let, freeing you up to purchase a new residential property without having to sell.

It’s a route many homeowners in York are now considering, especially if they want to keep their existing home as an investment or rent it out for extra income.

How does let to buy work?

Let to Buy involves taking out two mortgages:

  • A Buy to Let mortgage in York on your current home (so you can legally rent it out).
  • A residential mortgage on the new home you’re buying

You’ll remortgage your current property under Buy to Let terms and use some of the equity as a deposit for your new home.

This setup means you don’t have to sell your existing house to move, which gives you more flexibility if the market isn’t right for selling, or if you’d prefer to build up a property portfolio.

Who uses let to buy?

Let to Buy is popular with:

  • Homeowners are upsizing or relocating.
  • People who want to keep a property for future investment.
  • Those moving in with a partner but are not ready to sell.
  • Owners who can’t find a buyer but don’t want to delay their purchase.

If you’re currently living in York and have enough equity in your current home, Let to Buy could give you the option to move forward without losing the long-term value of your existing property.

How much deposit do you need?

Most lenders require a deposit of around 25% for the Buy to Let mortgage.

This usually comes from the equity in your current property.

For example, if your home is worth £250,000 and you owe £150,000, you may be able to release up to £100,000 (subject to lending criteria) to cover both the deposit for your new home and the Buy to Let requirements.

Your mortgage advisor in York will calculate exactly how much you can borrow and how to structure both mortgages in a way that works for your income and plans.

Can you afford two mortgages?

Lenders will assess affordability for both the Buy to Let and the new residential mortgage.

For the Buy to Let, they’ll look at how much rental income your current home could generate, and for the new mortgage, they’ll assess your income and outgoings as usual.

We’ll guide you through both sets of checks and let you know early on what lenders are likely to accept based on your situation.

Is let to buy right for you?

Let to Buy can work well if:

  • You have enough equity in your current home.
  • You want to keep your existing property as an investment.
  • You’re confident the property can be rented successfully.
  • Your income supports the new mortgage

It’s not suitable for everyone, and it’s more complex than a straightforward house move.

That’s why it helps to speak to a mortgage advisor in York who understands how both sides of the process work.

We’ve helped many clients switch to Let to Buy mortgages, whether they’re moving across York or relocating entirely.

We’ll handle the Buy to Let and residential sides together to keep everything running smoothly.

Date Last Edited: June 17, 2025