Fast Buy to Let Remortgage
Fast Buy to Let Remortgage
Why choose us?
Fair Mortgages can provide you with a first class service if you are looking for buy to let mortgage advice.
Special features of what we offer include:
- Fast Service!
- 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 mortgage deals not available on the high street
- Our Buy To Let 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 Buy To Let Investor? - Have a complex buy to let or have a portfolio of 5+ properties? - speak to us
To investigate your buy to let mortgage options call our specialist team on 0117 313 7780 or fill in our call back form.
Fast Buy to Let Remortgage
There are a number of scenarios where you may want to quickly remortgage your buy to let properties, such as to raise capital or to secure a better interest rate. As such you might be wondering what fast buy to let remortgage options are available to you.
It is true that some lenders process remortgage applications faster than others so you may wish to consider one of these providers, however there are things which can slow or speed up your remortgage.
Using an independent mortgage adviser
In addition to being able to advise you throughout the process about how to make your remortgage as speedy as possible, an adviser can search across the market to find you the most appropriate and fast buy to let remortgage products available.
Valuation
When remortgaging one of your investment properties, lenders may require a valuation of the property, particularly if you are refinancing with a different provider, they may need to both assess its market value and rental value. The valuation process can slow down applications, so it is wise to get this completed with a lender as soon as possible.
A valuation is extremely important for speeding up an application. This is because, from 2017, lenders will require landlords to have a rental coverage ratio of at least 145% for standard buy to lets and 170% for houses in multiple occupation. It is important to understand that landlords cannot just simply state how much they intend to charge on their applications, as lenders require a professional surveyor's valuation to be the basis of the rental coverage ratio.
Documents
Making sure you have all of your documents ready for the lender, and sending them as soon as requested, can also ensure that your remortgage application is completed as soon as possible. Documentation a lender might require can include: Proof of any existing mortgage, identification for all applicants and proof of your income.
Proof of your income may be the most important document for lenders. This is because lenders examine landlords' income more than ever before. Lenders implement a strict income stress test to ensure landlords can keep up with mortgage payments. In order to satisfy lenders' stress tests, landlords have to demonstrate that they can afford mortgage payments in the event that interest rates hit 5.5%.
If you have multiple properties, you may need to provide full details of your property portfolio. Due to the changes to the buy to let mortgage regulations in 2017, lenders require an in-depth review of property portfolios to ensure all landlords' properties are profitable. If a landlord has one or more properties that are not profitable, then the lender will reject their application for finance.
Decide what kind of remortgage product you want
There are a wide range of options within the buy to let market from various providers. One of the advantages of remortgaging is that you can return to an introductory rate again, which can potentially save you money. It may ultimately speed up the whole remortgage process then if you first decide exactly what kind of introductory rate you would like to gain from refinancing.
Introductory rates can include:
- Fixed Rate - This type of option fixes the rate of interest that accumulates on the loan for the entire course of the introductory period, so you know exactly what your mortgage payment will be for this time.
- Tracker – With Tracker mortgages the interest rate you receive for your introductory period will follow the base rate, which is set by the Bank of England. This means that the rate of interest that accumulates on your mortgage may increase or decrease in relation to any changes made to the base rate.
Fair Mortgages
If you want a fast buy to let remortgage, we might be able to assist you. We offer a whole of the market service, so we can search across lenders to find the best choices for your specific circumstances. We can also access a range of mortgages from select providers that can only be applied for via an intermediary. If you want to find out more, why not fill in the contact form to request a call back for a free initial consultation from one of our mortgage advisers? Or you can call us on 0117 313 7780.