Buy to Let Remortgage
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What's On This Page?
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
The Financial Conduct Authority does not regulate most Buy to Let Mortgages.
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Buy to Let Remortgage
Andrea talks to us about remortgaging a Buy to Let property.
Can you remortgage on a Buy to Let?
Yes, providing your rental income fits the criteria, and the property meets the valuation requirements of the lender, it will be no problem at all.
Why remortgage your Buy to Let?
Some people want to pull capital out of their property, maybe to do a forward purchase. Or, they might want to look at different interest rates on offer from different lenders.
How do I remortgage a Buy to Let? What’s the process?
If you come to a broker, we’ll review the lenders for you. We’ll do a fact-find to explore all your information, have a look at the lenders and what’s on offer, and find the most suitable solution to your remortgage requirements.
Can I be refused a Buy to Let remortgage?
Yes, that can happen. It may be that the property is not suitable, your credit score doesn’t meet the requirements of the lender or the rental income isn’t enough.
We may have to look at alternative lenders in that situation.
How long does it take to remortgage a Buy to Let?
It can generally take two, maybe three months. Basically, the lender will produce a mortgage offer and send that out to the solicitor to do their legal work on it.
It just depends on how quickly everybody in the process works.
Speak To an Expert
Our job is to provide you with the expertise and knowledge to find you the most appropriate solution. Whether you’re investing in property or looking to buy your first home, our mortgage advisers can help.
What costs are involved in remortgaging a Buy to Let?
Sometimes the lender has a product fee, but again, if you’re using a broker, they’ll work out the fees and whether it’s worth you paying one – especially if there are other options with no fees.
Your broker will also charge a fee to arrange the mortgage on your behalf. Sometimes a lender may cover the legal expenses, but there may be additional costs there if you’re changing over the structure of the deed.
Other than that, the general costs involved are the lender’s fee and the broker fee.
Do you have to pay stamp duty when remortgaging a Buy to Let?
No, if you’re just doing a standard remortgage where you’re keeping everything the same, there’s no stamp duty.
As I always say to my clients, obviously we’re not advisors when it comes to tax and stamp duty, so you can always take advice from your solicitor on that.
But generally speaking, where you’re just changing from one lender to another lender, no, there’s no charge for stamp duty.
What are the benefits of remortgaging a Buy to Let property?
People may get better rates than they’ve been offered by their existing lender, or they may want to pull out some capital from their property. People find that’s a benefit for them, especially if they’ve had their Buy to Let for quite a long time. It means they’re able to draw some funds out, maybe to do another project.
How can a mortgage broker help here?
A broker is always looking after you and your best interests. We will look at different lenders for you and help you through the process. We can guide you through the legal paperwork you receive, and find the best lender for your situation.
Instead of you going direct to a provider, we will do the research and look after you. And when your mortgage deal is up for renewal in two, three or five years’ time, we’ll contact you again and assist you again at that point.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
SOME BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
Why Choose Fort Advice Bureau LTD?
- Our experienced Management Team has over 50 year's worth of combined knowledge in the mortgage industry.
- We can quickly assess your needs and compare the most suitable products to find you the most suitable deal.
- With an honest, transparent and consultative approach, we are 100 per cent focused on delivering a first-class service every step of the way.
- We build strong, long-lasting relationships with lenders and are not reliant on a computer-generated response.
