Thinking about remortgaging your existing buy to let property? It’s a good way to release cash or to find a new deal that better suits your personal circumstances. If you have some capital but not enough, a buy to let remortgage can come in handy and help you bridge any financial gaps you face.
A buy to let remortgage is when you replace an existing mortgage with a new one on a property you already own. If you want to remortgage your buy to let property, the amount you can borrow will vary according to your individual circumstances.
Before making a buy to let remortgage offer, lenders will look at the likely rental income from the property as well as your current income. This will help them decide whether or not you will be able to keep up with the monthly repayments.
Looking for a new mortgage on your existing property? Finding the cheapest buy to let remortgage rates depends on how much you need to borrow, how long you are comfortable paying it back over and whether you want a fixed or tracker type of mortgage.
The Personal Finance Centre, you may be able to borrow anything from £25,000 to £500,000 and pay it back over three to 25 years. It will all depend on your personal financial circumstances and what you want to commit to.