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Buy to Let Remortgage

If you are not happy with your current buy to let mortgage deal, or if it is coming to an end and you need to refinance, remortgaging may be your best option.

Reasons for switching your Buy to Let mortgage

There are several reasons why it could be a good idea to remortgage your buy to let property.

  1. If you are not happy with the amount you are paying each month, you may be able to get a better interest rate or spread your repayments over a longer period with a new mortgage.
  2. If you want to borrow more to fund property improvements or buy further properties to increase your rental portfolio.
  3. If you want to pay off part of the capital on your mortgage, but are not allowed to do so with your existing mortgage deal.

If you are thinking about moving your mortgage it is worth discussing this with a mortgage advisor. They can guide you in the best way to achieve your objectives and help you find the best deal on your new mortgage.

Equity release Buy to Let mortgages

Many landlords are not taking advantage of all of the equity they could potentially unlock from their properties. If you own your property out right you could use a buy to let loan to release a significant amount of equity for property improvements or to fund further buy to let purchases.

Even if you do already have a buy to let mortgage, if you have had your rental property for a long time, it is likely to have increased significantly in value. This means your mortgage may now only represent a relatively small percentage of the market value of your property giving you the option to remortgage and unlock a significant amount of capital.

Getting the best interest rates on Buy to Let mortgages

To make sure you see a good return on your invest with rental property, is it vital to make sure you get the best possible interest rate on your buy to let finance. You should therefore shop around or use a mortgage advisor to get the very best deal possible. It is also sensible to regularly check interest rates being offered on new mortgages to see if you would be better off remortgaging.

You will also need to think about your loan to value (LTV) ratio as this will affect your interest rates. LTV is the percentage of your property’s market value that your mortgage represents. So, a £75,000 mortgage on a £100,000 property would equal a 75% LTV. Mostly lenders will give lower interest rates on mortgages with a lower LTV.

Compare Buy to Let mortgage rates

Our free mortgage calculator allows you to quickly and simply compare buy to let mortgages from all the leading providers so you can find the best value for your requirements.

All you need to do is follow the link and select “Buy to Let” in the “Reasons for mortgage” field, then share some basic information about your borrowing needs. The mortgage calculator will then show you appropriate deals from across the market so you can choose the best option for you.

Latest news

Cost of fixed rate mortgages have started to increase as Bank of England rate rise looms

A number of high street banks have started to increase their mortgage rates. The reason for this is that banks are having to pay more to access the funds they lend out to UK homeowners.

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