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Why Would I Remortgage My Buy To Let?

When Can I Remortgage?

How Long Does it Take to Remortgage?

How Can Friends Capital Help with Buy To Let Remortgages?

Buy To Let Remortgage

A buy to let mortgage is a type of home loan for buying property that you intend to rent out to tenants for a profit. You can also remortgage  a buy to let property, releasing equity for cash or you switch to a better deal with a new or your existing lender.  

Friends Capital have existing relationships with Buy to Let lenders and are experts in  buy to let remortgages. We can help you find the best possible mortgage deal. We will review your personal circumstances and then search the entire market to ensure you get the best mortgage rates possible. We will then deal with all the paperwork, submit your mortgage application, liaise with your mortgage lender and solicitor, and ensure that your mortgage application is completed as quickly as possible. We can:  

  • Save you money on your mortgage deal 
  • Offer a free consultation 
  • Offer unbiased financial advice 
  • Save you time in your mortgage application 
  • Give you a dedicated account manager who is available to you through the process 

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Why Would I Remortgage My Buy To Let?

It’s very common to remortgage  buy to let property. You may want to remortgage for the following reason: 

  • Switching from a Residential to a Buy to Let Property – You may want to rent out your property as you have moved out of the property. You can switch your residential mortgage to a buy to let mortgage.
  • Redevelop Your Rental Property – You can remortgage a property in order to redecorate, redevelop or add an extension in order to add value to the property (and increase the rent!)
  • Make a Large Purchase – You can release equity in your property and receive cash for large purchases, such as a wedding, holiday or a new kitchen in the home you live in.
  • Buy New Property – You can extend your portfolio of rental houses, or buy a new residential home, by remortgaging a buy to let and using the money to invest.
  • Consolidate Debt – Mortgage rates can be much lower than unsecured loan rates. You can consolidate all your loans and credit cards into one single monthly payment.
  • Switch to a Better Deal – When your fixed rate buy to let mortgage term is up, you will move onto your lenders variable rates. This can double the monthly payments you make. You can renegotiate a better deal with your lender, or find a new deal.
  • Switch from Interest-Only to a Repayment Mortgage
  • Move to a More Flexible Mortgage

Read our advice article – Should you re-mortgage? – How to earn cash from your home >

When Can I Remortgage?

The majority of borrowers remortgage at the end of a deal term. This is to avoid moving onto higher standard variable rate (SVR). The SVR from a lender is often much higher, sometimes double the amount of the fixed rate.

It’s important to start preparing for a new mortgage a few months before your current deal expires. We recommend planning for a remortgage 3-6 months prior to the end of your fixed rate mortgage end date.

In some cases, you can switch your mortgage earlier; however, fees may apply.  Speak to a mortgage broker, and they can advise you on whether it’s worth changing your mortgage early or not, and tell you how much you can save.

How Long Does it Take to Remortgage?

This really depends on whether you’re staying with the same lender or changing. If you are staying with the same lender four to six weeks is typical, for a new lender eight to twelve weeks is more likely.

How Can Friends Capital Help with Buy To Let Remortgages?

Friends Capital have pre-existing relationships with buy to let mortgage lenders. We can search the entire market and get access to the best and most exclusive deals available. Then we will choose the deal that are most appropriate to your personal circumstance. We can:

  • Find you a lender that specialises in bad credit mortgages
  • Find you a deal appropriate to your personal circumstance
  • Offer unbiased financial advice
  • Give advice on what mortgage lenders will require, including giving you advice on an exit strategy for the mortgage end
  • Give you a no obligation mortgage quote
  • Deal with all the paper work, liaise with the lenders and solicitors. We will also make sure the application goes through as quickly as possible

Two Steps to Contacting Friends Capital 

Step 1 

Either call us, email us or request a call back using our call back submission form. 

Step 2 

One of our friendly advisors will either call you back within 24 hours (usually the same working day), or will take details from you in order to best deal with your situation. 

When you speak with us, we will take a ‘fact find’. At this stage we take basic details about your situation. We will then search the whole of the market and find you the best deal available. 

If you are happy with the deal that we offer, we will then contact the lender for you and get you what is called a ‘decision in principal’. 

If you’re happy with the decision in principal then we will secure this deal for you and deal with the application for you on your behalf. 

We aim to get the lowest mortgage rates on the market

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