Best Buy to Let Remortgage Rates
Fair Mortgages can provide you with a first class service if you are looking for the best buy to let remortgage rates in the UK market.
To use our service you can:
- Contact the lender direct on the free phone numbers provided
- If you need independent advice, call us on 0117 403 4222
Special features of what our remortgage service offers include:
- Whole of market broker - we deal with most UK buy to let lenders
- Rates - Access to leading buy to let market rates
- Exclusives - Access to exclusive buy to let remortgage deals not available on the high street
- Our BTL expertise - Expert help whether you are a first time investor or experienced full time landlord
- Credit issues? - We have lenders who will take into account previous defaults and missed payments
- Experienced BTL investor? - Have a complex buy to let or have a portfolio of 5+ properties? - speak to us
To investigate your buy to let remortgage options call, our specialist team on 0117 403 4222 or fill in our call back form.
Buy to let mortgage tax rule changes
From 2017, landlords can no longer deduct the finance expenses from their buy to let properties when calculating their profit from the financial year. As a result, landlords’ tax bills are likely to increase. However, limited companies’ tax bills will likely be unaffected because the new rules are not applicable to them.
This has led to more private landlords looking to set up limited companies. Before setting up a limited company, landlords should consider the associated costs.
A way to counter the effect of the new tax rules may be to remortgage a property to invest in another buy to let.
Regulation changes in 2017
From 2017, further changes to how buy to let mortgages are regulated will be implemented that will make it harder for those looking to remortgage their properties.
A stricter income stress test will be implemented by lenders. To pass lenders’ stress test, landlords will now have to illustrate that they can make mortgage repayments even in the event that the interest rate increases to 5.5%.
A higher rental coverage ratio will be required by lenders. Landlords will not be able to remortgage their property unless they have a rental coverage ratio of 145% for a standard buy to let property and 170% for a house in multiple occupation.
A review of the entire portfolio will be completed by lenders prior to remortgaging a property. Lenders will require landlords’ properties to be profitable in order to agree to remortgage their property. Therefore, if a landlord has one or more properties that are not profitable, then a lender may reject a landlord’s application.
Compare the best rates buy to let mortgage rates
If you wish to remortgage a property, it is advisable to contact a specialist property finance broker.
To find out if Fair Mortgages could help you, you can fill in our online contact form or call us directly on: 0117 403 4222.