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Apply for a Buy to Let remortgage with L&C

If you’re a landlord looking to remortgage a Buy to Let property, L&C is here to help. We’re the UK’s No.1 online mortgage broker, and can compare deals from over 50 Buy to Let lenders. That’s why over 2 million people have come to us for free advice. Whatever your reason for remortgaging, our specialist Buy to Let advisers will compare remortgage deals from across the market to find the best deal to suit your needs. Get started by completing our online Mortgage Finder which will show you the deals you qualify for.

Our service doesn’t end there. Once we’ve found the best Buy to Let remortgage deal for you and you’re ready to go ahead, we’ll pre-populate your application with the details you’ve already provided – so there’s no need to tell us anything twice. After we’ve submitted your application, you’ll be able to track its progress online 24/7.

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Buy to Let Remortgage Explained

A Buy to Let remortgage is when you switch your existing mortgage on a property that you rent out to a new deal, either with a new lender or your existing one. You might want to do this if you already own a home that you live in but you want to switch to renting it out. In this case, you’d have to remortgage with a Let to Buy remortgage.

Alternatively, you may be a landlord looking for a better deal - after all, if you own a property to rent out, keeping your mortgage costs to a minimum is likely to be a top priority. Remortgaging your rental property to a cheaper rate could help you to save money - and it may also give you the opportunity to borrow extra funds to expand your property portfolio or do renovation work on your existing properties.

Bear in mind though, that there may be times when your rental property is empty and you’ll still have to keep up repayments on your mortgage. It’s crucial that you have a contingency fund to meet your mortgage payments if this happens, especially as BTL remortgage rates tend to be higher than standard mortgage rates.

You can remortgage your Buy to Let property at any time, but it’s usually best to start looking for the best Buy to Let remortgage rates around six months before the end of your current deal, or when there’s a benefit to you doing so such as low BTL interest rates, or you’ve built up more equity in the property.

Buy to Let Remortgage Process

At L&C, we can search hundreds of different Buy to Let remortgage deals from across the market and find the best deal for you. We can even offer a Buy to Let remortgage comparison against any deals your current lender may be offering. When you’re ready to go ahead, you can submit your application online or over the phone and track its progress online 24/7.

Once we’ve assessed your application, you’ll be given a decision in principle. This is a written indication of what a lender is willing to lend. It’s not a binding offer but it’s a great indication of what you’ll be able to borrow and will give you a good idea of BTL remortgage rates.

You’ll then have to apply for your full mortgage, providing documentation including your proof of rental earnings and spending habits. Try to show as much evidence of good money management as possible.

The next stage is a valuation which a lender will need to do before they remortgage your home. If the lender is happy with all the information provided they’ll issue a BTL remortgage offer which will outline the amount you can borrow with the terms and conditions of the mortgage. The last stage in the process is completion - once you accept the lenders BTL offer, your new lender will release the funds and your solicitor will use them to pay off your old mortgage.

Buy to Let Remortgage Eligibility Criteria

Every lender has different eligibility criteria, but we can do a Buy to Let remortgage comparison to ensure we find the best deal to suit your personal circumstances.

Lenders will typically require that you earn more in rent than you repay on your mortgage, which is something to take into consideration if you live in an area where rents are low. You should also take into account that Buy to Let mortgage interest rates may be higher than standard mortgages.

The amount you can borrow will depend on your personal circumstances, rental income (and your other income) and your ability to repay on time every month.

Finding the best Buy to Let Remortgage Deal

Whatever the reason you want to remortgage your Buy to Let property, we can help you achieve your goals. We’ll give you expert help throughout the remortgage process, and our service won’t cost you a penny - so let us do the legwork to find the best Buy to Let remortgage rates for you and see how much you could save.

You can increase your attractiveness to lenders with a few simple steps. You should ensure your credit score is in good shape so it’s worthwhile checking your credit report before you apply for a remortgage and take the time to fix any issues. Make sure you don’t miss any payments, and register on the electoral roll. You should also try to stay out of your overdraft and close any unused credit cards to improve your credit score and show lenders that you can afford your mortgage repayments.

Of course, the less you want to borrow compared to the value of your property, the better the interest rates on offer tend to be, so if you’re in a position to pay off more of your mortgage before applying for a BTL remortgage, that could help too.

Apply for a Buy to Let Remortgage with L&C

L&C is here to help landlords looking to remortgage a Buy to Let property. We’re the UK’s number one online mortgage broker and can compare deals from over 50 BTL lenders.

Whatever your reasons for remortgaging, our specialist Buy to Let advisors will compare remortgage deals from across the market to find the best one to suit your needs. Get started by completing our online Mortgage Finder. Mortgage Finder which will show the best Buy to Let remortgage rates for you.

And our service doesn’t end there. Once we’ve found the best deals for you, and you’re ready to go ahead, we’ll pre-populate your application with the details you’ve already provided so there’s no need to tell us anything twice. After we’ve submitted your application, you can track its progress online 24/7.

Buy to Let remortgage FAQs

What is a Buy to Let remortgage?

A Buy to Let remortgage is when you switch your existing mortgage on a property that you rent out to new deal, either with a new provider or your existing lender. Learn about the benefits of remortgaging.

How do I remortgage a Buy to Let property?

At L&C, we can search hundreds of different Buy to Let remortgage deals from across the market and find the best deal for you. We can even compare against any deals your current lender may be offering. Once you’re ready to go ahead, you can submit your application online or over the phone, and track its progress online 24/7.

How much can I borrow on my Buy to Let mortgage?

If you’re borrowing additional funds when remortgaging, affordability will be based on the level of rental income your property brings in. Most lenders allow you to borrow up to 75% of the property value, although some may allow you to borrow up to 85%.

Do mortgage rates go down when you remortgage?

When you remortgage your property, you might be able to get a better interest rate if the amount of equity in your property has increased. If you know the value of your property and the amount that you still owe on your mortgage, then you can work out the loan-to-value (LTV). A lower LTV usually means a choice of mortgage deals at lower interest rates when it comes to remortgaging.

You might also be interested in:

What is Let to Buy and how does it work?
Remortgaging a Buy to Let property