Buy to Let Remortgages

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Getting started with buy to let remortgages

A buy to let remortgage means moving your mortgage on your investment property from one lender to another, securing a new rate in the process. This typically occurs once you’ve come to the end of your initial fixed-rate period, and need to secure a new mortgage product for your property investment. However, many landlords choose to remortgage early to either secure a cheaper deal whilst rates are more competitive or to complete works to their properties.

It’s important to arrange your remortgage with your broker far enough in advance or you risk falling onto your lender’s SVR (Standard Variable Rate).

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How does the remortgage process work?

The remortgage process can be a fairly straightforward; here are the steps you should expect to take:

1. See what rates that you could access using our buy to let mortgage calculator

2. Review the rates available to you with one of our expert brokers, and apply for a decision in principle (DIP)

3. Make sure you’re aware of the costs of remortgaging, for example, the lender arrangement fee, valuation fee and solicitor’s fee

4. Once you’ve received a successful DIP, complete your full mortgage application

Can I remortgage early?

You may decide to remortgage before your initial term ends. However, it’s important to be aware that most lenders will have Early Repayment Charges (ERCs) for leaving a fixed-term product early. These can be found in your mortgage terms and conditions.

Your expert broker can cost up whether it’s better in the long run for you to remain on your current rate until the term ends or pay the ERCs to secure a cheaper deal.

Can I raise funds when remortgaging?

Simply put, yes. Capital raising to fund property improvements or a deposit for a new property investment are two particularly common methods for landlords looking to boost their portfolios. In some cases, there are lenders who won’t require you to have found a new property at the time of remortgaging, giving you the freedom to find the perfect next investment.

What if I want to stay with my existing lender?

You should always try to avoid falling onto your lender’s SVR, as this will see a sharp increase to your monthly mortgage repayments. But, what if you want to remain with your current lender? Can you remortgage onto one of their new rates?

This is what’s known as a Product Transfer. Whilst not all lenders offer them, many will have bespoke Product Transfer ranges for you to choose from. It’s best discussing this option with your broker to cost up whether it’s cheaper for you to remortgage elsewhere or stay with your current lender.