Buy-to-let re-mortgage time to review:

Landlords are moving fast to re-mortgage their properties taking advantage of the record low rate mortgages currently on offer. If the rumours are correct homeowners are facing increased interest rates in 2017. This on top of all the other Government measures aimed at landlords spells just one thing, increased costs. Current figures show for the last 3 months some 26% of landlords have either re-mortgaged or have a pending application to do so.

The attractive low rates on offer are driving landlords to review their current financial situation now more than ever before. A great many of the re-mortgages are to fixed rates with 2 and 3 year deals being the most popular. This would indicate many landlords are looking for fixed outgoings over the next few years, this may well be a very wise move in the longer term.

The buy-to-let market continues upwards even with all the drawbacks as young couples still find it more difficult to get onto the house ownership ladder due to rising prices.

There are many reasons to consider re-mortgaging but you should be very careful as this is not always the best advice. As an example your current deal may well have an early redemption penalty and therefore giving no advantage at all. If you are unsure do contact us and we will be happy to advise you the best way forward.

The most popular reasons for re-mortgaging:

a) Secure a better rate of interest

b) Change to a fixed term deal

c) Raising capital from the equity