Landlords often take up the option of a buy to let remortgage to raise extra capital. This can then be used for property improvements or to fund a deposit to expand their portfolio.Get Started
If you have carried out a renovation project on a buy to let property then you can remortgage against its improved value. If you have bought the property for cash then normally you would have to own it for 6 months before Lenders will grant you a buy to let remortgage to release equity.Apply Now
How does a buy to let remortgage work?
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.
How soon can you remortgage a buy to let?
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.
Can you take equity out of a buy to let?
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.
How do you build equity in rental property?
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.
Can I remortgage my house to buy another property?
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.
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