Let-to-buy allows homeowners to move to a new property while keeping their old home and renting it out using a buy-to-let deal.

Customers will be now able to access a new residential mortgage from Nationwide’s range while its specialist arm – The Mortgage Works – provides a buy-to-let for the existing house.

This range of products is available to both new and existing Nationwide customers and comes with a £250 loyalty cashback bonus. Existing Nationwide customers are eligible for a 0.1% discount on its range.

The lender said it was the first time its residential and specialist arms had teamed up to offer products. However, borrowers must consult a mortgage broker to have access to these deals.

Paul Wootton, head of specialist lending, said the new range would give people the best of both worlds.

“Nationwide is taking a joined-up approach to helping home movers turn their existing home into a buy to let, while purchasing a new home in which to live,” he said.

“We are making it easier and more flexible for our customers to complete the process of securing two different types of home loan at the same time, helping those who may wish to live elsewhere but want to turn their existing property into an investment opportunity.

“Customers who complete both transactions through the Nationwide Group will receive a £250 cashback as a loyalty reward. This could help assist with moving costs or added legal fees that can be associated with completing two mortgages at once.”

The Mortgage Works’ let-to-buy range includes:

Two-year fixed rate with £995 fee, available up to 65% LTV at 2.99%.

Two-year fixed rate with £995 fee, available up to 75% LTV at 4.09%.

Five-year fixed rate with £995 fee, available up to 65% LTV at 3.99%.

Five-year fixed rate with £995 fee, available up to 75% LTV at 4.49%.