When you are reaching the end of your current mortgage deal on your buy to let property, you'll need to start thinking about finding a suitable remortgage. A buy to let remortgage is a mortgage with a new lender, taken out when your existing deal ends. Some may choose to release equity in order to cover the costs of buying a new buy to let property. Whereas with a residential mortgage, the equity in your property depends on its value and the remaining mortgage balance, with a buy to let property, it will be slightly different. Most buy to let properties will come under an interest only mortgage. In this case, your equity depends on how much deposit you have put down and if the value of the property has gone up. Additionally, landlords may instead choose to use their additional funds released from their buy to let remortgage, in order to cover the costs of any property renovations. This may add value to the property. Other landlords may take out a buy to let remortgage on a property in their portfolio, in order to access a better deal with lower interest rates. This can potentially save you money on your monthly repayments. The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.
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Generally speaking, homeowners and landlords alike, tend to remortgage about 6 months before the end of their mortgage deal. This gives them plenty of time to get the process sorted, ahead of their deal ending. It also helps you to avoid an early repayment charge (ERC). There are instances wherein a landlord may wish to accept early repayment charges and break their contract, if perhaps there was a property they would like to release equity to add to their portfolio. Usually, to achieve this, you will have had to have owned your property for at least 6 months before you are able to take out a buy to let remortgage on it. If you have carried out a renovation project on a buy to let property then you can remortgage against its improved value. Whatever the reason for your remortgage, as a mortgage broker, we can help you on your buy to let remortgage journey.
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There a various reasons why you may choose to remortgage your buy to let property. It may be that you are looking to simply secure a new rate of interest or change the overall term of your mortgage. Alternatively, you may be looking to remortgage your buy to let to release equity. This could be for various reasons, such as, to carry out improvements on the property. You may also be looking to use the equity towards a deposit for purchasing another property. Whatever your reasons for looking to remortgage your buy to let. Our specialist mortgage advisors will be able to advise you on the best deal available for your individual circumstances.
Many landlords will choose to remortgage their original property as a means of funding additional property purchases, funding home improvements, buying out a partner or simply switching lenders for better rates. Any time you decide to refinance your buy to let property, you will have to undergo the same financial checks that occurred at the beginning of your initial mortgage.
In the case of most lenders, you will have to abide by the 6 month mortgage rule. The reason this is in place is to reduce the risk for the lender in question. Land registry can sometimes take up to 6 months to show a new owner of a property, therefore lenders would often rather wait to ensure they’re lending to the right person and for the correct property value.
Yes, as a landlord you have access to release equity from your property, albeit potentially limited to 75% loan to value. You can use this to fund the deposit for a new property, for home improvements or other specified reasons.
When it comes to taking out a buy to let mortgage, some landlords opt for a repayment mortgage over an interest only mortgage so as to pay capital and build equity in the property. Some landlords will also choose to overpay their mortgage, providing their current mortgage deal allows this. There are also factors such as any home improvements, be it anything from a new coat of paint to a home extension, as well as property age, both of which affect the market value of your property and build up your equity.
So long as you have enough equity in your buy to let property, you are able to remortgage to release this equity and put it towards buying another property. This is a popular choice for many buy to let landlords across the UK.
Being a mortgage broker, we have access to 1000's of buy to let remortgage deals. Our team work hard in finding the best deal that is appropriate for your circumstances and here to provide any support or guidance you need throughout the process
We work flexible hours, allowing you to schedule an appointment around your busy property management and family life.
We won't ask you to pay us upfront, we're only paid if we can get you a mortgage.
You'll have a familiar face all throughout your mortgage process.
Being a landlord is a busy job and doesn't leave a lot of time to arrange your remortgage. Let us take the weight off your shoulders with a fast & friendly service.
With a variety of insurance products on offer, we can recommend you the most suitable ones so you can stay in your home if you become seriously ill and unable to work.
We'll look around for a suitable deal with more favourable rates, so that you can get back to business as usual with your buy to let property.
We build relationships with landlords, with many of them coming back when it's time to remortgage a property from their buy to let portfolio.
Should you encounter any obstacles like issues with property surveys and down valuations on your mortgage journey, our team can help you overcome these.
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Gemma
Excellent speedy service and always available to work around the best times for us, including calls at weekends
Gillian
Having dealt with Leo previously I knew I would be getting a brilliant service and a good deal.
Karen
Very helpful.Quick response to any questions or concerns. Selected the right product to meet our requirements.
Stephen
We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...
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Jenna was very quick to sort out my mortgage, it was very straight forward and easy.
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UK money man are excellent and have walked me through every stage of both the initial mortgage process and the remortgage two years later, couldn’t recommend them enough!!
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Matt Collinson and Meghan Robinson were absolutely wonderful. Provided updates, always avaliable and dealt with our mortgage so quickly! We had a mortgage offer within 2 and a half days and they sorted it all. Absolutely over the moon and would...
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So fast and brilliant services which surprised us and the agent by receiving the mortgage offer less than one week. Malcolm is very responsive
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We used UK Moneyman for our first mortgage back in 2021. When it came to remortgaging, we confidently used their services again. Chris has been fantastic at reassuring us around the changes in interest rates and explaining everything clearly. Meghan...
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The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
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Fantastic service from Tom Bowes
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Excellent service, great communication & highly professional
Khristopher
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and...
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Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
Danielle
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding...
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Katie
Really glad I went with UK Moneyman for my first mortgage, explained everything to me so well and was always on hand when I needed them as I work long hours at weekdays so having appointments on the weekends was so helpful for me, would definitely...
Natalie
Tom and Chloe were super helpful with our first time mortgage. We had a couple of properties fall through but Tom was there to help and guided us through the whole process.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
