Buy to Let Remortgage Advice
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If you are thinking about remortgaging your buy to let – whether it is to lower your monthly repayments, consolidate debts or to buy another property, it is a good idea to get remortgage advice from a buy to let mortgage specialist, who can help you find the best deal.
When you take out a btl mortgage most lenders will offer you an attractive deal that typically will run out after 2 to 3 years. After this time you will normally revert back to the lenders standard variable rate (SVR), which is usually 2 to 3 percentage points above the Base Rate set by the Bank of England. The change back to the SVR can make a considerable difference in how much you pay every month, but it still holds true that the majority of people stay with their existing lender when the initial rate expires.
This failure to switch earns lenders a considerable amount in extra interest, which in the main is avoidable if a bit of effort is put into shopping around for a better deal. While there is a cost to remortgaging with regard to lender and solicitor fees by talking to a qualified remortgage specialist you can get remortgage advice and save literally thousands of pounds in interest by taking action.
With hundreds of buy to let remortgage packages on the market, we recommend that you speak to a specialist to ensure you get the right deal for your circumstances. Take these steps beforehand to clarify your ideas:
- Decide what you are looking for in a remortgage. Would you prefer the peace of mind of a fixed-rate package, or can you be more flexible? If you’ve suffered poor credit history in the past, consider discussing this with a specialist.
- Contact your current lender for a redemption statement. A remortgage can incur various legal and arrangement charges, which you’ll need to factor into your calculations.
- Find out what deals are available.
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