Switching lenders or choosing a new product from your current lender, means remortgaging. Whether you are looking for your first buy to let remortgage or tenth, we may be able to help. We know that mortgage market has changed dramatically and many landlords finding it hard to find anything suitable. You need to start looking for a new buy to let mortgage deal approximately 6-8 weeks before your current deal is due to expire.
Trying to keep their headline rates relatively low, lenders have
increased their fees and are now more cautions. In the current financial
climate, when many lenders are struggling to survive it is difficult not
to worry.
However, if you will look beyond newspapers you will find that lenders
still offer free valuations and free legal deals. Yes buy to let
mortgages rates are not as low as they were 2-3 years ago, but it doesn’t
mean that you have to get stuck on a variable rate.
Your current provider may not be offering you a good deal, but it does
not mean that no one else will.
Most common deals will allow you to borrow up to 75% LTV and will expect
your rental cover to be 125%.
Make an appointment with a mortgage broker and see if you will benefit
from a remortgage. Unlike your current lender, who can only offer you
their own products, mortgage broker can check hundreds of deals
available on the market and find the best option, most appropriate for
your needs.
You have expected to gain from your buy to let and you should try to do
so. It is your buy to let scheme and you have to try to do everything to
make profit. Before you will accept the fact that variable rate is the
only viable option, you must do your sums. Indeed it is not in
everyone’s interest to take a fixed rate mortgage.
Many people finding it easier to look for a remortgage rather than for a
first buy to let mortgage as they already know what to look for.
Landlords, who have rented their property for few years, may now feel
the need to have a mortgage which will allow overpayments or may prefer
to take tracker rate as they fell more comfortable with their finances.
If you are confident that you can manage to find your buy to let
remortgage yourself, make sure that deal you are getting will suit your
circumstances and will not restrict your ability to run a successful
business.
