Let to Buy Mortgages Offer Sellers an Alternative

14 April 2012 Categories: News

Let to Buy Mortgages Offer Sellers an Alternative

A new range of mortgages launched by specialist lender Platform have proven to be a popular choice with property sellers who need to sell before a deadline. The range of let to buy mortgages offered by the Co-op bank’s dedicated intermediary have been designed to give property owners the option of letting their current property while taking out a second mortgage on the property they want to buy.

The new range of Platform mortgages was launched at the start of December 2011, and according to the latest figures over 20% of applications so far have been for the let to buy products. Rightmove recently reported that properties spend an average of 105 days on the market before being sold, and it seems that a lot of sellers can no longer wait this long…hence they consider the option of becoming ‘accidental landlords’.

When asked about their new style let to buy mortgages, the business development director for Platform, Lee Gladwell, said; “Our experience shows that some of those that want to move and are unable to sell are choosing to become landlords and rent out their existing property, at least until the market improves. We launched our let to buy range following feedback from mortgage brokers who were telling us of demand from borrowers for these types of products.”