Buy to let Remortgage

UK Buy To Let Mortgages

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Remortgage

Buy-to-let remortgages are quite similar in nature to residential remortgages. You can expect to find buy-to-let remortgage deals with free legal fees and valuation fee paid by the lender.

Buy-to-let owners are assessed in the normal way at the time of application. Lenders will do a credit score, request evidence of income and may request accountant’s references.

Valuation of the property is normally done by the surveyor, instructed by the lender. First, valuer will normally access that a value of the property on the application form is realistic, as lenders have to make sure that loan to value figure fits into their lending criteria. Secondly, valuer will assess rental potential as it is an important factor in buy to let mortgages. Rental income must cover mortgage payments and lenders will reduce the loan amount if in their opinion rental cover is not enough, even if the valuation of the property is fine.

The main area of concern in the current market, that property prices are going down and many landlords may find themselves in the difficult situation at the time of remortgage. Many low fixed rates, taken by many landlords few years ago are now coming to an end. Buy to let mortgage rates have increased, lender’s fees are quite high and there are not many products with 100% rental cover.

Despite that financing of buy-to-lets became more expensive, not many landlords are rushing to sell.

Demand for buy-to-let properties is quite high and many believe that situation will improve for the better. Many first time buyers are unable to buy their first property, as lenders have pulled 100% mortgages and there are not many deals available even for those with 5% deposit, and are looking to rent. More people are accepting jobs away from home and have to rent. Foreign workers are coming to the UK for temporary work and need a place to live.
Buy to let is a business and to stay afloat, landlords should try to minimise their mortgage costs, as they can make a difference between a profit and a loss. If you are stack on the variable rate and just surviving, speak to an advisor and check your options.