Still a very good time to re-mortgage

Data shows that there were a record number of buy-to-let loans for re-mortgaging in November, and represent an impressive increase from earlier months.

This is despite regulations implemented at the end of September which require stricter affordability criteria from those with more than three buy-to-let properties. It may be that the rumours of a base rate rise, which have since proven well-founded as the Bank of England increased base rate by 0.25% at the start of November, spurred landlords on to review their mortgage deal.

Mortgage rates have indeed risen following the base rate rise. This might also explain why re-mortgaging among homeowners saw a similar boost, with the number of loans up by 17% month-on-month in November and the value seeing a 16.4% increase.

Over the last year, the number of loans for re-mortgaging have been at record levels; this trend looks set to continue further well into the new year.

Mortgage rates may be going up, but they're still competitive compared to years gone by. As a landlord why not have a look at your buy-to-let mortgage with a view to seeing if you could benefit from re-mortgaging, doing this could save you thousands a year.

One landlord we helped recently saved over £3700 per year on repayments by swapping mortgages to more advantageous rates. So, as a new year’s resolution check the mortgage/s you have to ensure they are the best available.

Can we help?

If you would like to review your current mortgage, please make contact and one of our advisers will be happy to assist.