Buying a house for the first time can seem daunting, especially if you’re unsure what you’re letting yourself in for. After all, there’s a lot
Buying a house for the first time can seem daunting, especially if you’re unsure what you’re letting yourself in for. After all, there’s a lot
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Initially, lenders assess your property’s value and your current financial situation.
A broker will assess your circumstances along with the rates that are available to you, with the aim of finding the most cost effective product on the market at the time for you.
Each lender will have their own criteria so it’s important to match you up with the most suitable deal for you.
It’s important to keep in mind that remortgaging can influence your monthly repayments and the return on investment.
Therefore, make sure this type of remortgaging scheme aligns with your long-term goals.
What are the benefits?
Rather than sticking with the same lender, you can switch to a different one who may offer terms more suitable to your circumstances. This could be in the form of lower interest rates or more flexible repayment options. For landlords, remortgaging means they avoid being moved to the lender’s standard variable rate, which is typically higher, when the existing fixed-term mortgage deal ends.
What are the risks?
Lenders will take into consideration why you’re remortgaging, for example to release equity, so you will need to have a valid motivation.
To learn more about getting started with a buy-to-let remortgage, arrange a consultation with the expert team at UKMC.
First, you should assess your current deal, especially if it’s ending in the next six months.
If that’s the case, and you do nothing, then you’ll be switched to your lender’s standard variable rate (SVR), which is typically higher than other fixed (and variable) deals available.
If you need support getting started with buy-to-let remortgages, feel free to complete our call back form today.
Find expert guidance, and all the information you need to make informed decisions on your path to homeownership.
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee, starting from £345, for our advice given. Your dedicated advisor will discuss this further on your free initial phone call.
The guidance and/or advice obtained within our website is subject to the UK Regulatory Regime and is therefore primarily targeted at customers in the UK
