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Being a landlord has a steep learning curve and for many, it’s not the passive income they perhaps thought it might be. However, once you find your feet as a landlord, it’s common to see it as a career like any other. While some landlords are happy to keep a watchful eye on a single property, there are others who will be keen to expand and diversify their portfolio. Unless you happen to be a millionaire looking for properties in which to grow your money further, this inevitably means searching for the right mortgages.
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The exact percentage will vary depending on who you ask. However, most will agree that 80-85% LTV ratio falls within the “high” category. Because 90-100% mortgages are no longer an option (sorry to those who miss the early ‘00s), the maximum LTV that investor-landlords can borrow is 85%.
Not all investor-landlords are able to secure an 85% high LTV mortgage. They need to be able to demonstrate experience to lenders, although in some cases 80% LTV mortgages can be granted to investors without previous landlord experience.
Because they don’t have to invest as much capital on a deposit for their property, landlords have more in the kitty to ease cash flow so that they aren’t caught out if one of their investment properties develops a plumbing leak or other fault that affects the tenant.
Investors can also choose between interest-only or capital repayment mortgages at 85% LTV.
As you might imagine, these can vary depending on the lender. However, lenders usually expect applicants to meet the following criteria;
A high LTV buy to let mortgage can provide much flexibility for an experienced landlord, but by no means is it always the best solution.
It might be more suitable for you to raise capital from your existing portfolio to minimise your personal risk and putting down a lump sum that is manageable while still ensuring that the property meets your requirements.
If you’d like to talk to us about High LTV Buy To Let Mortgages don’t hesitate to get in touch today.
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!
To improve your chances of being accepted for a remortgage, maintain a good credit history, ensure your income is stable, and reduce your overall debt. It can also help to have a clear purpose for remortgaging. Need advice? Reach us today.
It is possible to remortgage with bad credit, but options may be limited and interest rates may be higher. Some specialist lenders provide services for people with poor credit histories.
Applying for a remortgage will likely require a credit check, which can leave a footprint on your credit file. However, the impact on your credit score is usually minimal and temporary.
If your remortgage application is rejected, seek to understand why. It could be related to your income, property value, or credit score. You may need to consider alternative lenders or improve your financial situation. Contact us today for a free consultation and guidance on your options.
Yes, self-employed individuals can remortgage. However, you’ll need to provide more evidence of your income, usually in the form of HMRC documents for the last two or three years. If you’re self-employed and considering remortgaging, feel free to reach out to us whenever you’re ready to discuss this further.
Seeking advice on remortgaging can be beneficial to understand the costs, benefits, and potential risks. Professional mortgage advisors can guide you to make the best decision based on your circumstances. Need professional advice? Easy reach us and we always here to help!
Yes, there are fees involved in remortgaging. These can include exit fees from your current lender, arrangement fees for your new mortgage, valuation fees, legal fees, and broker fees. It’s important to factor these in when considering a remortgage.