Let to buy offers opportunities for people who wish to buy a second home. Like buy to let, let to buy has its origins in the 1990s economic recession. While some people took the opportunity to buy property to rent out to the large numbers of people who had lost their homes at the end of the property boom, there were also large numbers of people who simply could not sell their homes. The property market was dead.
However, the property market bust did not stop people from needing to trade up to bigger homes or trade down to smaller homes. Whether they were starting families or suffering from empty nest syndrome, there were plenty of people who needed to sell their homes so they could move to other homes. This is how let to buy was born. Let to buy is similar to buy to let, though it may not require a special kind of mortgage. Let to buy was created because people who couldn’t sell needed to rent out their old homes to cover the mortgage payments on their old homes.