Among some of our buy to let property insurance customers the term ‘let to let’ is perhaps not too familiar. Yet it is an increasingly common phenomenon in the UK.
What is let to let?
The term is used by those who let the property they own, and live in a different rented property. People choose this way of life often as a lifestyle choice, since it gives them flexibility in where they live whilst ensuring they have a foothold in the property market.
Some couples choose to let to let when they each own a home; they rent out their respective properties and then rent a separate home together. This can be perfect if they have not yet found a property they wish to own jointly, or if their relationship is at an early stage and they do not yet wish to commit to buying a house together.
Let to let means people can live in a variety of homes, perhaps moving every year or so if they wish. It also means that their landlord takes care of property maintenance or white good replacement.
To some purist buy-to-let investors, renting a property when you already have one of your own can seem odd – the much vaunted “why pay another person’s mortgage?” angle.
But let to let can help a person get on the property ladder without compromising their living standards or losing the power to choose where they live.
According to a recent Telegraph article on the subject, high-end first time buyers are increasingly renting in expensive areas of a city, but have bought a property in a cheaper area – thereby ensuring they have a foot in the market whilst maintaining a certain lifestyle.
Do you ‘let to let’? If so, why not tell us about your experiences below.