The lender indicated that let-to-buy was becoming an option for buyers looking for property to purchase, but also as a potential avenue for them to become landlords.
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Wave reported that while the interest in buy-to-let continued to be strong and the revenues available could be lucrative, let-to-buy was a strong option for the buyer as they were familiar with the property, its history, the neighbours and surrounding area, and with any potential flaws or necessary work required on the property.
The lender claimed that not all family homes necessarily made good BTL properties, and prospective landlords would need to take a detached view of their own homes and ask if they were suitable for letting.
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Mel Dring, director of marketing at Wave, said: “We have been marketing let-to-buy mortgages for the past three years and in recent months we have seen an increase in enquiries, as more home owners consider letting their existing property rather than selling.
“There is no doubt that many people see buy-to-let as a means of bolstering their pension provisions and we therefore anticipate an increased interest in let-to-buy in the future.”
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Mike Pendergast, IFA at Zen Financial Services, commented: “Let-to-buy is quite popular as people who can’t sell their house after 12 months will put it up for rent and buy another to live in. It can work quite well as lenders are prepared to lend provided that there is proof that the property is being let.”
