If you want to buy a new home, but cannot sell your own home in time, consider a let-to-buy mortgage. It is not suitable for everyone, but if you have a reasonable amount of equity in your current home then a let to buy mortgage might be an option. The main benefit of a let to buy mortgage is that is allows you to break the bottom of the chain in the house buying process.
The let-to-buy model allows you to extract equity from your existing property and use it as a deposit on your new home. The rules for let to buy are much the same as for buy-to-let, so you will only be able to increase your current mortgage to a certain level, subject to the rental income being sufficient to cover the increased mortgage repayments.
Back to: