Upgrade to a Redrow home without waiting to sell your current property
Let to Buy offers you the best of both worlds. Enjoy living in luxury when you buy a new brand Redrow home, whilst also benefitting from the long term investment that keeping your existing property offers.
Discover how Let to Buy works
Let to Buy is a great option for those who want to buy a high quality Redrow home but still want to keep their current property as an investment or to start a property portfolio. By converting your current mortgage into a Let to Buy mortgage you can rent out your existing home and then purchase a luxurious new home to live in. You can then benefit from obtaining additional rental income whilst also building equity in two properties instead of one, which is a great long term investment option.
A home to be proud of
At Redrow, we pride ourselves on building homes that people love to live in. All of our homes are of the highest quality and are perfect for modern life with the majority offering open plan living and en-suites as standard. Our Lifestyle homes, which are part of the Heritage Collection, offer an even more luxurious option for those that desire it with an en-suite in every bedroom and walk in wardrobes in some of our master suites.
Saving you money
You can make great savings when you buy with Redrow due to our brand new homes being on average 40% more energy efficient than a home built 10 years ago. You also won’t have to spend any money on redecorating as all of our homes are built to the highest specifications and are designed the way you want thanks to our wide selection of options and extras that you can choose from via My Redrow.
A home for less
Once you have converted your current mortage into a let to buy mortgage the process of buying a Redrow home will then be the same as it is for any other buyer. Your deposit could be as little as 5% with the help of our Government-backed Help to Buy: Equity Loan scheme and you could even release your deposit from the equity in your existing home.
The perfect solution
Let to Buy is a perfect solution if you have your eye on a Redrow home but are struggling to sell your existing home, want to relocate promptly and don’t have time to sell or would be making a loss if you sold in the current market conditions. It takes the pressure of having to sell your current property quickly and means that you can wait until the value of your property has increased whilst still enjoying living in your new Redrow home and benefitting from the regular rental income.
Everything you need to know about Let to Buy
What is Let to Buy?
Let to buy is when you rent out your current property and then borrow against it to buy a new home for you to live in. You will need to convert your existing mortgage into a let to buy mortgage to rent out your property and then can use your rental income to pay for your mortgage. This will allow you to take out a new residential mortgage for your new home.
Am I eligible for a Let to Buy mortgage?
To be eligible for a let to buy mortgage you will need to provide lenders with the projected rental income so that they can compare against your existing mortgage payment. Your rental income should be at least 125% of your mortgage payments.
Will I need a deposit for a Let to Buy mortgage?
You will not need a deposit to convert your current residential mortgage into a let to buy mortgage. However, you will require a deposit for the mortgage of your new Redrow home
Is keeping my current home as an investment a good idea?
The Centre for Economic Business Research (CEBR) predicted that house prices are set to rise 15% in the next five years, so keeping your current home could represent a good medium to long-term investment.