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What are Buy to Let Remortgages

Buy to Let remortgaging is simply switching your current loan with a new mortgage, whether with your existing provider or a new lender.

If you have an existing Buy to Let mortgage you may be considering remortgaging, whether to try and save money by getting a better rate or maybe to raise additional funds for another project. Whatever your reasons, Amber Mortgage Solutions can help assist you in finding the best mortgage. 

You are not always guaranteed to find a better deal than your existing but it is always advised to check remortgage rates regularly. If you don’t take the time to compare mortgage types and providers than you may miss out on some serious money saving opportunities.

What Buy To Let Remortgage Options Are Available?

When looking to remortgage your Buy to Let there are two options available to you:

Stay with your existing Lender

This is the easiest option simply means that you choose to remain with your existing lender but remortgage on to another deal. You can get a broker to assist you with this or approach your lender yourself. 

However, you may find that other providers are able to offer more beneficial rates, which makes the second option more suitable.

Switch to a new lender

With this option you will switch your existing Buy to Let mortgage to a new lender, this is more complex than remaining with your current provider, but the money saved can well be worth the work.

There are a few points to consider when switching to a new provider, from picking the right Buy to Let mortgage type that suits you to penalty fees for early buy outs. These are all questions that Amber Mortgage Solutions can help you answer.

We can do all of the hard work for you, call us on 01702 619 221 to book an appointment or go through your application over the phone.

You will likely need some documents for the application, these usually include:

  • Proof of income, and expenditure, so a P60, recent payslips
  • Bank statements and latest mortgage statement(where applicable)
  • Information from your employers, other lenders, your landlord.
  • Identification, Birth Certificate or Passport.

Don’t wait, pick up the phone today and find out what Buy to Let remortgage options are available to you.

When should I remortgage?

There are number of reasons why remortgaging can be the right option for you but you must look to switch at the right time and for the right reasons.

Reasons to remortgage now:

To Save Money
If your fixed rate mortgage has ended and you are now on your lenders Standard Variable Rate (SVR) you are likely to be paying a higher rate of interest than you could if you were to switch to another Fixed Rate Mortgage or Tracker Mortgage You may find that even if you have an Early Repayment charge on your mortgage that you may still be better off in the long run..

Raising Funds for other purposes.
Maybe you are looking to add that next Buy to Let property to your portfolio. By remortgaging you may find it a cheaper option than any other form of lending.

Debt Consolidation
If you have other debts and are struggling with the repayments you may find that you can make your monthly outgoings less by remortgaging and consolidating your debts.

Reasons to consider waiting:

If you have High Early Repayment charges.
Some mortgage deals come with early repayment charges where the lender charges you a penalty for repaying early. These can amount to thousands of pounds so should always be factored in to your decision making process.

If your Employment status has recently changed.
Lenders need to feel that you can repay your mortgage, so, if you have recently changed your employment status this can hinder your remortgaging option.
Also, If you have started your own business recently you need to have had enough time to build up a track record of your business so you may wish to wait.

Not much left to pay
If there is only a small balance remaining on your mortgage the cost of moving mortgages may not be worth the move as you will not see any benefit from the decrease in interest charges

Tax relief changes

Historically (pre April 2017), any interest you paid towards the mortgage payments could be deducted from your rental income before you paid tax on it.

Since April 2017 the new tax system has been phased in, each tax year from 2017 to 2020 the percentage of mortgage interest payments that can deducted from rental income will decrease by 25% and the portion of interest payments that qualify for a new tax credit will increase by 25%.

This means that from April 2020 you will not be able to deduct any interest payments from rental income. However, 100% of the interest payments will qualify for the new 20% tax credit.

Why Choose Amber Mortgage Solutions

No two people’s circumstances are the same, which is why going to your own bank may not always be the best option.

If you are searching for the best mortgage rates, combined with an easy to use and friendly service then you have arrived at the right place. Whether you are looking for a one-off transaction or advice for life, Amber Mortgage Solutions are here to help you.

Protecting the biggest purchase you are ever likely to make is just as important as the mortgage. Our qualified and professional advisers can also help you with life insurance, income protection, critical illness cover, home insurance, redundancy cover and estate planning.

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