Buy to Let Mortgage

Buy To Let Mortgages

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

NEW WORLD FINANACE

More than any bank

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.

COMPLEX BUY TO LET MORTGAGES

We can offer standard buy-to-lets through to new builds, HMOs, multi-lets, student lets, large blocks and large mixed portfolios. Our extensive lender panel will also consider anything unusual!

In a market place that has experienced a raft of changes in recent times, especially in relation to portfolio landlords, we see a larger amount of clients falling into the specialist Buy to Let mortgage category. We work with a number of lenders, who offer a wide range of products to help you provide the flexibility and competitive solutions that your landlord clients require.

NWF can also help with bridging finance which is useful for refurb of and/or conversion into investment properties.

Whatever the scenario, New World  Finance works with you to bring solutions to your clients.

UNUSUAL BUY TO LET

  • DWP lets Student let properties
  • Mixed portfolios
  • Inherited properties
  • Properties in need of work
  • Ex-local authority properties
  • New builds Expats
  • HMOs
  • Live/work units
  • Limited companies
  • Flats above shops and fast food outlets
  • First-time buyers/first-time landlords
  • Properties owned for less than 6 months
  • Transfers from personal to limited company

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

  • How long are the repayment terms?

    Pick a repayment plan that suits you, with terms of between one and 30 years available.


  • What are the interest rates?

    Your current circumstances will affect the interest rate that you’re offered. Remortgage rates start at 1.46%.


  • Are there any loan fees?

    We get our commission from the lender not the customer. We may charge a broker fee of up to 5% of the total amount borrowed.


Applying for a buy-to-let remortgage

At New World Finance, we endeavour 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. Should you be considering borrowing to purchase another buy-to-let property, it’s worth considering that you’ll need a 15 – 25% deposit.