Buy to Let Remortgages
Buy to Let Remortgage Advisor.
The Mortgage Experts Online accredited advisors are specialists in buy to let remortgages. Furthermore, our expert’s knowledge will help you to find the right buy to let remortgage on the market.
From big high street banks and building societies, to smaller more niche mortgage lenders, there is a lot of choice out there. Subsequently, this may feel completely overwhelming to you and you may have no idea where to start. We can offer you guidance and help you navigate the complex world of buy to let remortgages.
The brokers we work with are whole of market and offer completely unbiased advice, ensuring that you get the absolute best deal available.
Scroll down for more information and FAQ’s.
Updated 26th May 2021
Buy to let remortgages.
Remortgaging your buy to let when your fixed/tracker rate period ends is vital as the difference in payments can be vast, with most lenders standard variable rates being 5% or above. Generally, most lenders will allow you to do a product transfer directly, other lenders will only do this via a remortgage buy to let broker.
Property investors may also want to release equity. As an example, this can be for any reason, with the most common being for a deposit on another buy to let. If you are looking to increase your property portfolio speak to one of our buy to let remortgage advisors. Fill out a contact form online or call us now on 0300 124 5655
However, if you are looking to buy another buy to let, you will be liable for additional stamp duty, click here to find out how much.
Why is my buy to let remortgage rate higher than my residential mortgage?
Interest rates are a reflect of risk. Mortgage providers feel there is more chance of a buy to let mortgage being defaulted than a residential mortgage. The reason being, that if the house isn’t let and the landlord is also struggling financially, they may not have the funds to pay the buy to let mortgage. Because if it’s a choice between paying your residential mortgage or your buy to let mortgage people will normally pay the residential as a priority.
Subsequently, the buy to let remortgages lenders now carry out more checks on buy to let mortgages. As such, lenders may require a minimum primary earned income from applicants. They will look to run enhanced affordability checks based around rental stress testing. This is to ensure the client can afford the mortgage payments during any rental voids (if the property isn’t rented out).
In short, interest rates for buy to let remortgages are still good and remortgaging will be a better option than being on a lenders standard variable rate.
Can I do a product transfer on my buy let remortgage?
Ordinarily, lenders will allow you to do a product transfer directly with them. Some lenders will only allow this through an intermediary (such as The Mortgage Works, BM Solutions and Precise Mortgages) and some do not offer this service at all. The buy to let remortgages experts we work with will be able to give you all the options available. This will ensure the best outcome for you. In addition, our buy to let remortgages advisor will explain all the options available to you.
In this case, if you perform a product transfer yourself with the lender, this is classed as non-advised. Also, you will not be protected by the FCA. Therefore, using a broker is always the best option. Furthermore, your broker will ensure you get the best deal and look at your personal protection at the same time.
Buy to let remortgage with bad credit.
Each lender has different ways of looking at the application and which sorts of bad credit they are willing to accept.
There are 2 main types of lenders.
- High street lenders.
- Specialist lenders.
If you have had previous bad credit, it likely you would need to use a specialist lender. However, specialist lenders are not just for bad credit. Specialist lenders also have criteria which the high street lenders will not do. Interest rate for the specialist lenders tend to be higher and so are the fees involved. Read our articles on bad credit mortgages here.
Below is a list of the types of bad credit which our buy to let remortgages experts have arranged mortgages for.
- Late Payments.
- Debt Management Plans.
- County Court Judgement.
- IVA – Individual voluntary arrangement.
If you have had previous bad credit, then getting an updated copy of your credit report is vital. To get an updated credit report click here.
Why do I need a remortgage broker?
Some lenders only allow applications & product transfers via an intermediary. Your buy to let remortgages expert will be able to tell you the best way to achieve your goals through their market knowledge. As an example, some lenders will potentially lend more money if you are taking a 5-year fixed rate rather than a 2-year fixed rate as a result of having to stress rates over a 5-year period.
They will help you decide which deal is the best for you. Some deals come with product fees and lower interest rates, and others with higher interest rates and no product fees, Product knowledge and knowing which is the best option isn’t always as straightforward as it seems – remember the lowest rate isn’t always the best option.
Speak to a buy to let remortgage advisor.
There are many lenders available ranging from high street to specialist lenders. Most people go to their own bank, get declined or cannot borrow what they need. However, just because one lender has declined you, do not give up.
Our buy to let remortgages experts will look at each case before deciding which lender is right for you and your individual circumstances. All the buy to let remortgage brokers we work with are whole of market and offer unbiased advice. Furthermore, they will have access to all the specialist lenders to really enhance your chances of achieving the mortgage you need.
The expert buy to let remortgage brokers we work with have experience in dealing with all aspects of buy to let remortgages. Including, and importantly using the whole of the market to access the best deals available.