Buy To Let Remortgages For Landlords
Just like homeowners with residential mortgages, landlords sometimes want to find a better deal on their buy-to-let mortgage repayments.
Whether you want to save money with lower monthly mortgage payments or release equity for a personal project, our expert mortgage brokers can help.
We will scour the whole of market to find a product that best suits your circumstances, and make the application process hassle-free.
Thousands of buy-to-let mortgage deals available
Why remortgage a buy-to-let property?
We remove the industry jargon and offer complete clarity . Our expert team keeps you fully informed at every step of your mortgage application, so you always know what is happening and why.
The current buy-to-let mortgage deal is ending
In the same way that people with a traditional mortgage go in search of a new mortgage deal when their current one is ending, landlords can do this too. A buy-to-let remortgage can include a lower interest rate or monthly repayments. It can also help avoid you being automatically moved to your current lender's standard variable rate, which may have higher interest rates.
Taking advantage of a drop in the rates of buy-to-let mortgages
Some landlords have noticed a fall in buy-to-let rates and want to capitalise on the trend by exploring remortgage deals. Make sure there is no early repayment charge associated with your current buy-to-let mortgage. Our team will advise in all circumstances.
Releasing equity from a buy-to-let rental property
Whether your rental property portfolio requires a little maintenance, you want to increase the number of rental properties you own, or you want to release equity for personal circumstances, buy-to-let remortgage deals can help. Whatever your situation, whatever your needs, we can help find the right buy-to-let remortgage for you.
When is the best time to look for buy-to-let remortgage deals?
It’s advisable to start looking for a buy-to-let remortgage around six months before your current deal expires.
Although you can remortgage your buy-to-let property at almost any time, it’s worth knowing whether switching your existing mortgage deal would incur an early repayment charge.
As always, bear in mind that buy-to-let mortgage interest rates are sometimes higher than residential mortgage interest rates and the same could apply with a remortgage deal.
Applying for a buy-to-let remortgage
After our team has scoured the whole of market to find a buy-to-let remortgage deal that works for you, we will begin the application process.
You will be required to provide documentary proof of how much you earn, including the rental income on your buy-to-let property, as well as information about all outgoings.
The lender will then carry out a valuation of your property.
It’s worth noting that mortgage lenders will look more favourably on buy-to-let property owners who have reduced the loan to value (LTV) of their rental property (either by paying back the existing mortgage loan or an increase in who much the property is worth), successfully let the property out and built up a good credit history.
Landlords don’t need a deposit for a buy-to-let remortgage but the buy-to-let property in question is expected to have some equity, which will be factored into the LTV.
If you meet all the lender’s eligibility criteria, they will offer you a buy-to-let remortgage deal.
How much can I borrow for a buy-to-let remortgage?
The amount you can borrow for a buy-to-let remortgage will depend on your personal circumstances and how much rent you charge for the existing property.
Some lenders require rental income to account for 125% to 140% of your mortgage payment, and expect you to have other sources of revenue, aside from your buy-to-let property portfolio.
Additional fees for a buy-to-let remortgage
It’s also worth remembering the additional costs that come with some buy-to-let remortgage deals. Alongside potential early repayment fees, you should be aware of:
Arrangement fees
Also known as an application, booking or product fee, this is charged by lenders and can be a significant sum, depending on how much you borrow.
Legal fees
Again, some buy-to-let remortgage deals have legal and conveyancing costs included but it’s always worth double-checking to avoid any nasty surprises.
Our mortgage broker team will check the fine print so you don’t have to.
Valuation fees
While a large number of buy-to-let remortgage deals include a free property valuation, some don’t. Depending on the value of your buy-to-let property, it can cost from a few hundred pounds to £1,000.
Why choose us for your buy-to-let remortgage?
We have years of experience in the buy-to-let mortgage and remortgage sectors and are committed to delivering value for our customers.
We have access to a wide range of buy-to-let remortgage products from a diverse panel of UK lenders, and our independent, transparent advice is tailored to your financial circumstances and investment goals.
Our expert team will keep you fully informed at every step of your buy-to-let remortgage application, so you always know what is happening and why.
Next steps
If you’re ready for a buy-to-let mortgage deal that works for you, or you want to discuss any other mortgage solutions, we would be delighted to help!
Contact us
Email us at info@acquiremortgages.co.uk,
call 01268 855333, or fill in this contact form and we’ll get back to you straight away.