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Are you a landlord with buy-to-let properties already to your name? Are you interested in growing your portfolio? Well, then we can help and ensure that you get the expert advice you need. We’ll ensure that you find the right solution at the ideal price for your budget requirements.
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If you have a portfolio of properties then you can keep all your buy-to-let mortgages together under the same package. So, essentially, it’s treated as a collective account rather than individual options. This means that it is managed by one lender and there’s only one payment every month.
The portfolio can be owned personally or registered as a limited company. The costs are treated as they would be for a typical business. You need two properties to be eligible for this type of mortgage option.
With this option, you will find that your mortgage is a lot simpler to manage. You can say goodbye to multiple statements and keep things organised.
You might be wondering why you need a portfolio mortgage. This may be due to the new laws and regulations that were brought in through 2016 by Prudential Regulation Authority. These are based on tightening up affordability tests and implementing additional checks as well.
According to the PRA, if you have four or more mortgaged buy-to-let properties, you are a portfolio landlord. What does this mean? Often referred to as portfolio mortgage stress testing, this is about making sure that you are in a strong position financially. While different lenders look at the rules in various ways, there are a few factors that are always considered. These include:
Since they are often interpreted differently criteria can vary dramatically. So, you could have a group of properties that are covering mortgage payments but one that isn’t. If that’s the case you might be approved by one lender and rejected by another.
While there are stricter rules on getting numerous buy-to-let mortgages some lenders have limits on the number you can have, whereas others don’t. You often just need to make sure that you are meeting the criteria.
Typically, lenders can have their own set maximum number that they will provide to someone. However, there are countless others that will be keen to help you grow. If you do want to grow and get multiple buy-to-let properties as part of your portfolio, it’s crucial that your papers are in order. You need to have all the information ready when you speak to a professional adviser.
If you need further assistance or wish to apply for a portfolio mortgage, Ascot Mortgages can help. We can help you get the buy to let portfolio mortgage set up the right way that works for you, and what you want to achieve.
Remortgaging is applied when you keep
living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.
Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.
The loan to value (LTV) rate determines how much you can borrow. A lower LTV typically results in better interest rates and more choice of lenders for remortgaging, as it represents lower risk to lenders.
Yes, you can choose to remortgage with a different lender. However, this should be based on factors such as interest rates, fees, and the terms and conditions of the potential new mortgage. Contact us today and we can help you to find the best option to suit your needs.
Most lenders will require a valuation of your property when you remortgage to ascertain its current market value. Some lenders may use an automated valuation model instead of a physical appraisal. Need help navigating this? Reach us today to discuss your mortgage needs.
Yes, when remortgaging a solicitor is required for both the mortgage lender and the applicant. Some mortgage lenders offer mortgage products that have a free legal facility. They handle the legal paperwork and advise on potential issues.
The amount you can borrow with a remortgage depends on multiple factors including your income, outgoings, credit score, the value of your property, and the lender’s criteria. Easy contact us to discuss your remortgage borrowing capacity.
The remortgaging process typically takes between 4 to 8 weeks, but can be quicker or slower depending on your circumstances and the lender’s processes. For help in understanding what you can expect, contact us today!