Remortgaging a buy to let can be relatively simple for most customers. It may be more difficult if your circumstances have drastically changed since your original mortgage was arranged. This may be employment, credit rating or increased debt. To make sure you get the best advice and rate on your remortgage it is advisable to speak to a specialist that can search the whole of the market and find the best deal for your personal circumstances.
Why to remortgage your buy to let?
Buy to lets are an investment and you will want to make sure you are getting the best return on your investment.
You may also want to remortgage your buy to let to
- Release equity from your property
- Change the terms of your mortgage
- Get the best rate
If you have just finished your initial rate period you will now be moving onto your mortgage providers standard variable rate (SVR). This can and likely will increase your monthly payments as this rate can be anywhere from 4% to over 6%. With a rate this high it will eat into your profit which is not good for any investor. Using an experience buy to let mortgage broker will allow you to get expert advice and help you to make the most from your investment portfolio.
What will affect my remortgaging rate?
When remortgaging your buy to let lenders will assess your circumstances and affordability before calculating the rate they are able to offer you. The rate will be based on affordability checks along with your credit score.
If your circumstances have changed since the original mortgage such as any bad credit or a lower salary you may find it harder to get a good rate or even an offer at all. At Get Me My Mortgage we have a network of experts with access to specialist brokers to help our users in worse circumstances secure a remortgage.
It may be that your circumstances have actually improved since you took out your original mortgage. This is great news as it means that you will have access to more deals and should be able to get a great remortgage rate.
Best buy to let remortgage deals
Buy to let remortgage rates are usually higher than a traditional residential mortgage. This is due to the increased risk of a buy to let mortgage defaulting. If you rely on tenant’s rent to pay for the buy to let mortgage and the tenant doesn’t pay this could make you default on the mortgage. This increased risk can make your rate slightly higher. There are still great rates available for landlords and depending on your circumstances these rates can be very low allowing you to maximise your ROI.
Get in touch today and have an expert in your corner to help you find the best deal that will be the most financially viable for you. Fill in one of our contact forms today or give us a call.