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Buy to Let Remortgages

Buy-to-let remortgages help you raise collateral and free up cash by renegotiating the existing mortgage terms of your buy-to-let property.

If you’re looking to expand your portfolio or making plans for the future, you could consider remortgaging your existing buy-to-let property. Remortgaging is effectively a means of agreeing new terms with your lender, or another provider. It is usually used as a way of renegotiating payment terms, or borrowing more. Discover more below.
  • Renegotiating your current plan can be used to free up funds for other expenses.

  • You may be able to secure better payment terms if you’ve already paid off a substantial portion of your mortgage.

  • Taking cash as a lump sum may mean you have to increase the duration of your payment, meaning you could end up paying for much longer than originally planned.

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How does a buy-to-let remortgage work?

Buy-to-let remortgages work like other kinds of mortgage agreement. Buy-to-let plans can also be offered on an interest-only basis, meaning the amount you borrow initially will only be repaid at the end of the mortgage deal, whilst monthly repayments are used to cover the interest.

Like a buy-to-let mortgage, remortgage agreements typically use the rental income to cover the monthly costs.

By changing the terms of your current mortgage, you could be offered lower rates and repayment options, or raise more money to put towards investment in additional property.

However, by releasing another lump sum, you could end up paying back for longer than your original agreement.

Buy-to-let remortgaging rates

When remortgaging your property, potential lenders will consider both rental payments and your own private income to determine what rate to charge. We work closely with a wide range of lenders, taking all these things into consideration when helping you choose a mortgage.

How much can I borrow?

You can borrow an amount between £5,000 and £1,000,000, based on your financial history and current circumstances.

Am I eligible for a buy-to-let remortgage?

Whether or not you’re eligible for a loan will depend on the requirements of the lender. Your eligibility will depend on several factors, such as current debts, your personal income, income from existing buy-to-let properties and whether you’ll be able to cover the mortgage costs of multiple properties, should that apply to you.

Commonly asked questions about buy-to-let remortgaging

Do I need a solicitor?

If you’re looking to borrow more on your current terms, or agree a better payment plan, you don’t always need a solicitor. However, if you’re remortgaging for other means, you’ll usually need the services of a solicitor.

Do I need a valuation?

You will need a valuation on your current property to find out how much it is worth, to assess how much you can borrow.

Can I pay off a buy-to-let remortgage early?

Outstanding balances can be paid off at any point during your agreement. However, it’s worth bearing in mind that some lenders will charge an Early Repayment Fee if you decide to repay early.

Remortgaging details

Applying for a buy-to-let remortgage

At Norton Finance, we try to assist people in all kinds of financial situations. Before you get started with our easy online application process, you need to know how much you can afford to borrow, and what repayment plan best fits.

Our online buy-to-let remortgage calculator will give you an idea of the current market and should help you decide whether remortgaging is right for you. If you’re considering borrowing to purchase another buy-to-let property, it’s worth considering that you’ll need a 15 - 25% deposit.

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