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Ascot Mortgages Buy to Let MortgagesBuy to Let Re-Mortgages
For more advice about moving your buy to let mortgages to a portfolio mortgage, or to remortgage an existing portfolio mortgage please contact Ascot today.
Property Investors all over the UK appreciate the benefits of Buy-to-Let Remortgaging. This basically involves switching your mortgage to make sure you are always on the most competitive mortgage deal available (the one with low interest rates and lowest fees). Landlords and property investors do this usually as their current Buy to Let mortgage deal comes to an end – this can help to save costs and increase profitability from their rental portfolio.
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Buy to let mortgages are essential for those landlords / property investors who have come to the end of a mortgage deal and are reluctant to pay the increased variable rate charged by a lender. They are also worth considering as a means of changing from variable to fixed or capped rates. Such a course of action is very sensible when there is a great deal of fluctuation in the market.
Addressing the reasons for buy-to-let remortgaging, a private landlord with a property portfolio of 57 properties said, 'It comes as little surprise to me that the recent threat of rate rises by lenders have driven a renewed interest in searches for remortgage advice as landlords become nervous about the direction of the mortgage market.'
It is also worth pointing out that some people seek to remortgage their buy to let as a means of changing the level of repayments. It may be possible to significantly reduce the amounts paid out each month, and thereby free up additional funds if the property is empty or requiring refurbishment before it can be re-let. By switching between mortgage packages it may even be possible to free up equity in an increasingly valuable property to invest in new property acquisitions.
Landlords and property investors who are seriously thinking about remortgaging their buy to let property should take time to study the market. There is plenty of information about savings to be gleaned from online calculators, although as not all mortgages are made available online – it is strongly advised to contact a specialist buy to let mortgage broker such as Ascot Mortgages to make sure you are indeed seeing the best available deals, including those which are only available to mortgage brokers and of course any private lending deals which are not publically advertised.
Even if you decide to stick with a mortgage deal, it is worth carrying out regular reviews to see if any attractive new packages are being offered. It can take an extremely long time to pay off mortgages and it is very unlikely that any one lender will continually offer the best rates.
For an accurate appraisal of your situation it's worth approaching an independent mortgage adviser or consultancy company. According to recent research there has been a 5% increase in the number of people taking such action since the beginning of May 2012. Some have chosen to seek the assistance of Ascot Mortgages, who offer a free initial consultation, where the different options will be thoroughly outlined. They'll take time to identify the deal that's best for you, based on an appraisal of the whole market.
Representative of Ascot Mortgages Matt Naylor said, “There are a number of companies that offer so called independent mortgage advice. However, they nearly all have some allegiance with one provider or another. Here at Ascot we are dedicated to treating every potential mortgage applicant with the time and commitment they deserve. We select buy to let remortgage deals based on the criteria of our customers.”
To add further complication to the decision making process some lenders also offer standard variable and tracker rate mortgages. The lenders will have to pay back money in line with the Bank of England's base rate if they opt for the first of these deals. Trackers are also adjusted in line with the interest rate of the major banking institution. However, they do offer the prospect of substantially reduced charges when the rates drop. This is especially important for investors looking to secure a high loan to value (LTV) buy to let mortgage.
A spokesperson for monetary advice website unbiased.co.uk, “If you are looking to remortgage your buy to let property, you should seek help from a professional mortgage adviser, but don't leave it too late as you cannot be sure whether good deals will still be available in a few months' time.
"A mortgage adviser will recommend the best deals for you by scanning the whole of the market and will only suggest a mortgage that suits your individual circumstances."
Ascot Mortgages Ltd is an appointed representative of H L Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. H L Partnership Limited is entered on the FSA register (www.fsa.gov.uk) under reference 303397. The FSA do not regulate some forms of mortgages.
The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £299 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £849 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
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Ascot Mortgages Ltd Registered Office: 5 Webster Court, Westbrook, Warrington, WA5 8WD Registered in England No. 06764971
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