Buy to let remortgage

Expert opinion – That could be true, but not if you want advice on your options to release funds, which so many buy to let landlords benefit from doing.

Even if you do not want to borrow more, get a broker to see how well your current lender fares against the competition. A broker will be keen to save you as much as possible to create a win win scenario for them and you.

Changing lenders could sometimes result in lower rates and arrangement fees, better customer services and the ability to borrow more in the future.

Sometimes, choosing a new lender could mean getting a lower rate, better customer service, larger borrowing amount in the future, or the option to make overpayments or take payment holidays.

Expert opinion – This isn’t true, and also not advisable. In a volatile market, as we have experienced over 2022-2024, you’d be forgiven for wanting to wait and hope for the best that rates will drop, however, in the event they don’t, your finances will look a lot stronger if you start as early as possible, simply because, if you secure a rate 7 months in advance, you can still shop around in the meantime. Things aren’t set in stone until you sign the dotted line just before completion.

Expert opinion – Indeed, this can be a problem, however, you might be in for a surprise. If you are willing to fix again for a medium to long fixed period and to do what we call a “like for like” remortgage, then there are lenders that are more lenient when it comes to offering you a new deal. We advise you to start reviewing how much rent you charge regularly, but if you are considering a review very soon, some lenders consider the pending increased rental figure. Perhaps this remortgage could be the catalyst to charging more rent, whilst also saving you money compared to staying with your current lender!

Expert opinion – Actually, you do need a conveyancer (but not necessarily a qualified solicitor) to ensure all of the paperwork is submitted correctly to the Land Registry, which firstly protects you. That’s because you ultimately want to be the owner of the property, and it also protects the lender in the event you stop paying your mortgage for some reason. This is often provided free of charge, however, some small disbursements may be chargeable like the transfer of the funds (BACS, etc) and ID checks.

Expert opinion – Usually, the lender isn’t interested in your measurements so you can put the tape measure away. Very occasionally, the lender might ask for more than proof of your current rental income, such as bank statements, as part of their regime to reduce mortgage fraud, which costs lenders a significant sum. The more money spent tackling and investigating fraud, the more this gets passed on to borrowers through higher rates.