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December 2025
At Story Homes, we know our buyers have lots of questions about moving smoothly while protecting their investment. That’s why we spoke to Damien Byrne, Mortgage and Insurance Advisor at WiseOne Mortgages to explain how let-to-buy mortgages work and what you need to know.
Watch the video, or read our handy Q&A below.
A let-to-buy mortgage allows you to potentially rent out your current home while purchasing a new property to live in, or sell your property nearer to the time the new property will be completed.
Essentially, you could have two mortgages:
It’s a way to move without having to sell first, which can be helpful if you’re struggling to find a buyer or want to keep your first property as an investment.
There are four simple steps:
Valuing your property for rent – Your current home will be valued by an ARLA-registered estate agent to see what it could rent for each month.
Offsetting your current mortgage – The rental estimate can be used to offset your existing mortgage, allowing your income to be considered for the new property.
Deposit requirements – You’ll need a minimum 10% deposit for your new property; equity from your current home cannot be used.
Reservation and exchange – You’ll need to exchange contracts within six weeks of reservation, paying your 10% deposit at this stage.
It allows you to move quickly, avoid being stuck in a chain, you can then look to sell your property nearer the time of the new property being completed. Or keep your first property as a long-term investment or sell.
Let-to-buy mortgages are convenient, but there are some factors to consider:
Managing two mortgages if your first property hasn’t sold when your new home is ready
Landlord responsibilities, including periods when the property might be empty
Possible tax implications on rental income
Stamp duty surcharges for owning two properties
Speak to a mortgage advisor early. Coordinating two mortgages can be complex, and you’ll want expert guidance to ensure it’s affordable and the right move for you.
For more information, please contact WiseOne Mortgages.
