Buy to Let Remortgages Made Easy with Expert Mortgage Brokers
Grab brilliant remortgage rates and bag the perfect buy to let remortgage deal with Expert Mortgage Brokers. Our experienced team hunts down the market to negotiate cracking terms made for your investment aims. Tap into our modern methods and bespoke solutions miles better than standard options. See how expert advice transforms buy to let success.
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What is a Buy-to-Let Remortgage?
A buy-to-let remortgage (sometimes called a btl remortgage) is a loan that helps cover the costs of purchasing a rental property. You can apply for this when your existing mortgage deal expires.
Switching to a new mortgage deal with a different lender is known as remortgaging. This process allows you to potentially secure better mortgage rates, interest rates, or terms for your buy-to-let mortgage.
Remortgaging is a smart move if your current mortgage deal is about to end. Otherwise, you may end up on a lender’s standard variable rate, which can be pretty pricey. An ideal remortgage deal could save you bundles and boost your rental income.
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Don’t go it alone when navigating the remortgage maze. Let experienced mortgage brokers take the lead. Our experts compare a vast range of deals across lenders, using their insider know-how to help you secure the best buy-to-let remortgage for your unique situation. Streamline your remortgaging journey with professional guidance – click the button below.
Do You Need a Deposit for a Buy-to-Let Remortgage?
No separate deposit is required for a buy-to-let remortgage, as long as you’ve built up enough equity in your property. Equity refers to the portion of the property you fully own.
For instance, if you have 25% equity, lenders could offer you a 75% loan-to-value (LTV) remortgage deal. LTV compares the loan amount to the property’s value or purchase price, whichever is lower. Lower LTVs usually qualify for better mortgage rates since they’re seen as less risky.
Buy-to-let mortgages are typically interest-only, unlike most residential mortgages which are repayment-based. With an interest-only buy-to-let mortgage, you won’t accumulate additional equity over time. So when remortgaging, your LTV ratio remains the same.
However, you could boost your deposit using savings to snag a higher LTV deal with potentially lower rates. Alternatively, remortgaging to a higher LTV lets you release some of that built-up equity.
Fees to Factor In When Remortgaging a Buy to Let Property
When remortgaging your buy-to-let property, there are some additional costs to consider:
Arrangement Fees
Lenders typically charge an arrangement fee, which may also go by product, booking, or application fee. This main fee can be a sizeable sum, ranging from a few hundred pounds to 1% of the total loan amount. Compare these fees carefully when choosing a deal.
Valuation Fees
Many remortgage deals offer free property valuation, but if not, you could pay anywhere from a few hundred to over £1,000 depending on the property’s value.
Legal Fees
Remortgaging also involves legal and conveyancing costs, though some deals provide free legal packages. Double-check this detail before finalising your choice to budget accordingly.
Early Repayment Charges
Leaving your current mortgage deal early could mean paying early repayment charges (ERCs) or exit fees. These can potentially cost thousands, so factor them into your remortgaging budget.
By understanding all the associated fees upfront, you can make a fully informed decision on the right buy-to-let remortgage for your needs.
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Unlock better returns and streamline your buy-to-let investment with our expert guidance. Our mortgage advisors will simplify the remortgage process, comparing deals across lenders to find the perfect fit for your goals. Get started on your mortgage application now.
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