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Buy to Let Remortgages

Buy to Let Remortgages can help you manage your investment property finances.

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Types of buy to let remortgage deals

Buy to let remortgage advice for all situations including: 

  • New fixed rate deals 
  • Capital raising  
  • Changing mortgage details such as term, names, payment basis etc… 
  • Moving from a residential to a buy to let mortgage deal 
  • Term ending 

Whether you have an interest-only or repayment buy to let mortgage, we’ll have remortgage deals and options for you.   

A buy to let remortgage is where you will move your existing mortgage to a new lender.  You will need to go through the application process to prove your creditworthiness and that your mortgage is affordable. 

We’ll compare any products transfer deals available with your current lender to other buy to let remortgage deals that are available elsewhere for you, saving you both time and money. 

The Financial Conduct Authority does not regulate some types of buy to let or commercial mortgages.

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Why use a mortgage broker for your buy to let remortgage?

The buy to let market has become more specialist over the last few years and it is very criteria driven.  There are complex calculations when it comes to income yields, affordability and rules surrounding rental returns.  

In our experience, using a buy to let remortgage expert will make the transaction relatively stress free and give you peace of mind that a professional has recommended the best deal based on your personal situation.  

We like to build up close relationships with our landlords and have many repeat customers who come back to us year on year for new deals and to discuss their remortgage options.  

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How does a buy to let remortgage work?

Our expert team aim to make your buy to let remortgage process as seamless as possible.  

The first part of the process is to schedule a free, no-obligatory call with our buy to let team so we can find out more about what you are looking to do and your existing mortgage details.  

Once this is done, your mortgage broker will then make a recommendation of the best buy to let remortgage deal for you.   

If you are happy with the recommendation and would like to proceed to an application, we’ll get the ball rolling.       

Whether you are looking to remortgage for debt consolidation, get a new fixed rate deal, remortgage to release equity or remortgage for home improvements we can help.  

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FAQs for Buy to Let Remortgages

When can I remortgage my buy to let property?

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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 with your existing lender. 

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. 

What are the alternatives to a buy to let remortgage?

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There are alternative products available to a buy to let remortgage that will need to be considered, whether they’ll be suitable will depend on the rates and what you are looking to achieve.  

Products such as bridging finance which is a type of short-term lending facility often used by landlords to renovate doer upper properties which can be un-mortgageable in their current condition for rental or sale.  

Also, there are secured loans which are second mortgages on existing properties that can be arranged quickly and will not trigger any early redemption changes if you’re currently tied into a deal. 

There are also product transfer mortgages which may be available by your current lender offering you a new deal, we’ll need to compare these are part of the mortgage advice process.  

Again, seeking trusted mortgage advice from a buy to let specialist will help you navigate through the criteria and match you with the best product and rate for your situation.

What are the current mortgage rates available for buy to let properties?

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Buy to let mortgage interest rates are typically higher than residential ones, however, they work in a similar way.  

Generally, the more equity that you have in the property the less risk the mortgage is to the lender; therefore, they offer you better rates.  

The interest rates work in bandings, for example purposes, an 80% buy to let remortgage deal will be more expensive than a 60% deal.  

The rates change daily so it’s always worth speaking with a mortgage broker, like us, for them to shop around for you to find you the best deal.  

We also have first time buyer buy to let mortgage deals available, helping first time landlords on their property investment journey.  

How much equity can I release from my property through a buy to let remortgage?

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The amount of equity that you can release from doing a buy to let remortgage will depend on your current loan to value ratio, i.e., how much of the property do you own already. 

A buy to let remortgage for capital raising is different from a residential mortgage as you can only borrow a maximum of 75% to 80% of the property value compared with 90% or even 95%.  

We find that many of our landlords choose to release equity for 3 main reasons, one to buy another investment property, two to repay debts and three to pay for property improvements.  

What fees are associated with a buy to let remortgage?

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Here are the main fees associated with a buy to let remortgage along with estimated costs: 

  • Broker fees – usually in the region of £199 to £499 depending on your situation and how complex the case is. 
  • Legal/Conveyancing fees – you’ll need a conveyance for your remortgage, often conveyancers do special remortgage deals such as £250 to £500 all in for a simple buy to let remortgage.  
  • Valuation – this can range from a free valuation to £199 approximately depending on the buy to let mortgage lender.  Other properties can get more complex.  
  • Insurance – the only mandatory insurance you’ll need is buildings insurance, this will be in the region of £20 to £30 per month for a landlord.   
  • Arrangement/Booking fees – this is more complex and is very hard to compare, what some mortgage lenders will do is give you a ‘no fee’ deal with a higher rate.  Others look less attractive on paper with big £1,000 to £2,000 fees however the interest rate is much lower.  Our mortgage broker team have specialist software that will compare these deals on a like-for-like basis to recommend the best one.  You’ll also have options to add any arrangement fees to the mortgage itself if required, these will accrue interest like the remaining balance also.   

Can I switch from a variable to a fixed-rate buy to let mortgage, or vice versa, and what are the implications?

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During an application for a buy to let remortgage, you’ll have the option to select a new fixed rate deal, typically over 2,3 or 5 years or move on to a variable rate deal.  

What you choose and what we’ll recommend will depend on your attitude to risk, whether you are looking to make large overpayments to bring your balance down, and your view on whether rates will increase or decrease in the short term.  

Once you’re on a fixed rate deal, you won’t be allowed to move to a variable rate without penalty until the new deal ends.  

Many of our landlords like to have the peace of mind of a fixed rate for budgeting purposes.  

If you are currently a homeowner and are looking to let out your current property, this is called a let to buy mortgage and we can help you with the full process.  

Are there penalties for early repayment or exiting my current buy to let mortgage deal?

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If you are currently in the middle of a fixed rate buy to let mortgage deal and want to remortgage there might be early redemption charges. 

If this is you, our mortgage broker team will help you consider the other products and services such as bridging finance and secured loans to see if the remortgage is a viable option. 

Often with landlords, a good investment opportunity can come along that is too good to miss.  Landlords are more open to paying early redemption changes as they will factor in any costs incurred into the overall investment return.   

There will be no early redemption costs payable if you are outside of your fixed-rate deal and are paying your lenders standard variable rate.  

Will the property need to be revalued for the buy to let remortgage process?

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During any remortgage application a valuation will always be performed to check the property is worth what you say it is.  

The type of valuation your new lender will perform will be based on how much you are looking to borrow and your loan to value, the lower the loan to value the more likely a simple desktop or drive by valuation will be performed.   

If you are borrowing 75% to 85% of the value of the property, your new mortgage lender might send a valuer round to assess the situation.  Also, they’ll look at rental values in the area to double check that your rental calculations look achievable.  

If you have owned the buy to let property for a long time, hopefully it’s gone up a bit in value so you can qualify for better loan to value mortgage deals.  

What documents and paperwork will be required to apply for a buy to let remortgage?

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As part of the application process for a buy to let mortgage application, you’ll usually need to provide the following documents: 

  • ID and proof of address 
  • 3 months bank statements 
  • 3 months evidence of earnings 
  • Existing mortgage details 
  • Buy to let portfolio information 
  • Latest tenancy agreement for the property 
  • 3 months evidence of rental payments received 

There may be other documents required by your new mortgage lender as part of the process on an ad-hoc basis after they’ve reviewed the above.  

Also, we’re experts at self-employed mortgages and bad credit mortgage advice should we need further proof of earnings or find something on your credit report.  

Our brilliant mortgage processing team are great at pre-empting any additional documents that your lender might require so we’re able to give you a head start with this.  

How long will the buy to let remortgage process take, and what are the steps involved?

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The buy to let remortgage process is fast, we are typically able to get you a mortgage offer within around 2 weeks for a straightforward deal although, more complicated mortgage situations can take longer.  

Your conveyancing process will take longer, probably in the region of 3 to 4 months realistically.  

It’s important to give yourself plenty of time ahead of your buy to let mortgage deal finishing. We recommend starting the remortgage process 6 months ahead of your end date to avoid reverting on to a high standard variable rate temporarily.  

Will I need to pass affordability checks for a buy to let, and how will my rental income be assessed?

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Yes, you’ll need to pass affordability and credit checks for a new buy to let remortgage deal.  You’ll need to evidence to your lender that the mortgage is affordable to you should your tenant not pay or move out and that your credit worthiness.  

These checks are more stringent for first time buyer landlords and those higher loan to value buy to let remortgages which are riskier to the lender.   

Rental income will be assessed by looking at evidence of the income received and the lender seeing what the going rate is for a property like yours in the same area.  

The rental income will need to be a certain % higher than the mortgage payment depending on your new lenders criteria.  You’ll also be stress tested by the lender should interest rates increase in the future to see if the mortgage would still be viable for you.  

Are there any tax implications or changes in regulations I should be aware of before remortgaging a buy to let?

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The money received from a remortgage is tax-free, however, for tax advice it’s always best to speak to your accountant for a personalised answer and recommendation.  

Can I get a buy to let remortgage being self-employed?

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Yes, being self-employed, you’ll have to prove your income via payslips or your tax return etc but the buy to let remortgage process will work the same way.  

Self-employed mortgage advice is specialist therefore it’s always best to speak to a great mortgage broker team for advice.  Lending criteria is vast and complicated and cannot be easily compared online.  If you’re self-employed, you’ll find having an experienced mortgage advice team on your side invaluable.   

Can I remortgage multiple buy to let properties simultaneously, and are there advantages or disadvantages to doing so?

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Yes, if you are a portfolio landlord looking to do several buy to let remortgages at the same time this makes it easier for your mortgage broker. 

Also, many portfolio landlords prefer to do this as it keeps their admin easier with only one mortgage lender and one product end date for multiple properties.  

The same process will need to be followed; however, it can be more efficient with both your mortgage brokers and your time to do them together.  

What happens if property values have changed since I first purchased the property?

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If the value of your property has increased since you purchased it, this is a good thing for a buy to let remortgage as your loan to value will be more.   

You’ll have the option to leave your equity in and potentially qualify for a better interest rate or to do a buy to let capital raising remortgage to take the money out.   

If the value of your property has decreased since you purchased your property this could be problematic during a remortgage application as your loan to value ratio could take you above the 75% or 80% maximum that is allowed on a buy to let remortgage.  

Your mortgage broker will help guide you here and recommend the best way forward.  

Can I use the equity released from the remortgage for purposes other than property-related investments?

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Yes, any legal reason is fine for the proceeds of your buy to let remortgage.  

Example of popular things landlords do with the money are below: 

  • Buying a new property 
  • Renovation projects 
  • Divorce settlements 
  • Tax bills 
  • Repay debts, credit cards and other personal loans 
  • A large purchase 
  • Buy a holiday let / Airbnb etc 
  • HMO investment 
  • Gift to family 
  • Supplement retirement income 

Every landlord has their own personalised buy to let investment strategy, whatever yours is, we’re more than happy to talk through your options. 

Will my existing tenants be affected by the buy to let remortgaging process?

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No, your tenants will not be affected by your buy to let remortgage.  The only disruption would be if a physical valuation was required by your new lender in which they would need to arrange a time to visit.  

We very rarely come across any problems in this area as the valuers are discrete in their work.

8 Reasons to choose UK Moneyman

We're open every day of the week, until late.

We work flexible hours, allowing you to schedule an appointment around your busy property management and family life.

Completely free mortgage appointment.

We won't ask you to pay us upfront, we're only paid if we can get you a mortgage.

You will receive your own dedicated case manager.

You'll have a familiar face all throughout your mortgage process.

We're here for you, to make your process easier.

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.

Jargon free insurance advice

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.

1000s of buy to let deals.

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 are experienced with the buy to let market and have a lot of knowledge of lender criteria.

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.

Your mortgage advisor will be with you every step of the way.

Should you encounter any obstacles like issues with property surveys and down valuations on your mortgage journey, our team can help you overcome these.

Situations for Buy to Let Remortgages

Remortgage your Existing Property onto a Buy to Let

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Many customers choose to let out their current homes and wish to look at their options with turning this into to a buy to let.  What we would do is a remortgage from residential to buy to let on your current property, you might have the option to capital raise here also if you need to raise a deposit.   

We’d then handle your new residential purchase mortgage simultaneously so both can complete together if required.   This type of transaction is called a let to buy mortgage.

Remortgage a Holiday Let

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It is possible to get a mortgage on a holiday let such as a second home or one that you rent out via various short term let companies.  

You’ll need to be honest with your mortgage broker and let them know your intentions of the property so they can find you the best deal and lender, this will avoid any problems down the line.  

Remortgages are also possible with holiday lets in the same way as a normal mortgage. 

Remortgage a HMO (house of multiple occupation)

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A popular service for landlord is HMO mortgage advice, a special type of mortgage is required here.  Situations such as house shares and professional lettings are usually on a HMO basis, it’s where you have multiple tenancy agreements on one property.  

It is also possible to remortgage a HMO for a new deal or capital raise to raise money etc.  These HMO mortgages are deemed as higher risk to the mortgage lender therefore they can be more complicated to get, and the rates can be higher which will need factoring into the overall return on investment.  

Buy to Let Remortgages for a Lower Interest Rates

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Whether interest rates have increased or decreased since you took out your mortgage is out of our hands.  We can find you the best deal available at the time you come to do your buy-to-let remortgage.  

It’s best to start the ball rolling 6 months before your current mortgage deal ends to give us plenty of time for the legal process.  

Buy to Let Remortgages to Capital Raise

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A buy to let remortgage for capital raising will allow you to release a tax-free lump sum from your property to spend how you like.  This can work well if you’ve had your mortgage for a while and the property valuation has increased since you bought it.  

Buy to Let Remortgages for Alterations

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Often, we receive calls from customers who would like to add or remove a name from a buy to let mortgage, extend of shorten the mortgage term, or change from an interest only buy to let mortgage to a repayment one.  

When going through the process of a buy to let remortgage, we can look at all these again with you and work out the best way forward.  

Making material changes to a mortgage when you are tied into a fixed deal can be expensive and could trigger early redemption charges.   

Buy to Let Remortgages for Property Improvement

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If you’ve owned your property for a while now it could be looking old and tired and in need of renovations.  Maybe you feel that if you spent a bit of money on the property it would fetch a higher rent amount. 

A popular reason for a buy to let remortgage for capital raising is for property improvements.  Renovations could include extensions, new bedrooms added or other internal or external work to the property.  

With a buy to let remortgage, if you own enough equity, you may have the option to release some of this to fund this project.  

Buy to Let Remortgages to Consolidating Debts

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Specialist mortgage advice is required if you are considering a buy to let remortgage for debt consolidation. If you have built up enough equity in your property it might be possible to capital raise to repay debts.  

Careful consideration should be taken here though as you’ll be taking unsecured credit such as personal loans and credit cards and securing them against a property which could be repossessed if you’re unable to pay your mortgage.

Buy to Let Remortgages for an Investment Opportunity

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Growing your portfolio can work well if you’ve built up plenty of equity.  When you are going through a buy to let remortgage application, you’ll have the opportunity to release equity.  

This equity can then be used to pay a deposit on a further purchase.  We’re also able to help with the new buy to let purchase mortgage also as part of the service.  

Buy to Let Remortgages to Supplement Income

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If you are close to retirement and your income is going to drop, you may wish to release equity to supplement your income. This may be possible if you can pass affordability checks and meet lending criteria.   

If not, you may have other options on your residential home such as an equity release mortgage or retirement interest only mortgage If you are over the age of 60 and are equity rich but income poor, it’s worth speaking to our later life team to find out what your mortgage advice for the over 60’s options are.

Buy to Let Remortgages with Bad Credit

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Similar to a regular residential remortgage application, your credit score will be considered as part of the process along with your affordability and any bad credit picked up.  

Whether you are looking to get a mortgage with a CCJ, missed payment, default, or anything else etc will depend on lending criteria.  If this is you, getting an up-to-date copy of your credit report is vital here so we know the facts.  The amounts and dates of any bad credit are important for any buy to let remortgage application.  

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