Managing a property portfolio is never easy and every experienced buy to let investor understands that it is important to squeeze every last penny out of your investment, for this reason it is important that you are ready to re-mortgage when the time is right.
Re-Mortgaging an existing buy to let mortgage is usually a pretty straightforward procedure providing that your circumstances have not changed for example you may struggle to re-mortgage if the properties value has reduced or if there are significant changes to your income or expenditure.
Providing that you are eligible to re-mortgage the process is more or less the same as a residential re-mortgage.
Things to look out for on a Buy to Let Re-Mortgage !
Features of the Loan – Check over your mortgage carefully and be sure to fully understand all of the features associated with the loan to make sure that it is suitable for you ( eg It would be costly to accept a 2 year fixed rate deal if you intended to sell the property 6 months later as you may incur expensive ERC’s ( early repayment charges )
Shop Around – While you can transfer to another product with your existing lender you don’t have to. Lenders are always fighting for business so there are usually some great deals available. Do some market research and you could save money. Alternatively get in touch and we will do the work for you.
Check the Overall Cost – Loads of products on the market will offer a great initial rate but that doesn’t mean that it is the most suitable product for you. Many deals will have arrangement, valuation and booking fees and when these are all taken into account the offer might not be the best deal for you especially if you are only borrowing a small amount.
Find a Good Mortgage Broker – If you go directly to a Bank or Building society they will only offer you products from their own range and they are under no obligation to search the market on your behalf.
Our mortgage brokers search through a comprehensive range of lenders to find the most suitable deal for you and we do not charge a fee for our services.
Contact Us**** today and we will do everything we can to help.