buy-to-let remortgage comparison tool UK

Remortgaging buy-to-let mortgages? If you own up to 3 rental properties then use our BTL remortgage comparison tool below to find the latest and best deals for you on the market right now.

If you own 4 or more rental properties then visit our page to on portfolio landlord mortgages.

The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.

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These are indicative figures only and may not represent all the costs associated with each product. For more information speak to one of our mortgage brokers on 0330 433 2927.


What Is a Buy-to-Let Remortgage?

So what is a buy-to-let remortgage? Remortgaging a buy-to-let property is when you decide to switch to a new buy-to-let mortgage for a property that you already own and likely already have a mortgage on. It is very similar to when you first take out a buy-to-let mortgage, except you’re not purchasing the property this time. 

Reasons for switching can vary. It’s typically something you can do when your current deal expires so that you’re able to secure a cheaper rate and avoid going onto your lender’s more expensive SVR (standard variable rate). Or, you may switch to a new deal because your needs have changed, you want to release equity, there are better deals on the market and/or you have new intentions with the property (e.g. perhaps you want to turn a second home into a rental investment and so need to remortgage it onto a buy-to-let product).

There are many benefits to remortgaging a buy-to-let property, such as securing a cheaper rate or releasing equity and raising money. When you take out your new mortgage, it will include the outstanding value of the previous mortgage, as well as the value of any equity you wish to release. This money can be used to fund improvements to your property, pay off any outstanding debts or use as a deposit to help you purchase another property and expand your portfolio.


When Should You Remortgage a Buy-to-Let Property?

Usually, a BTL remortgage is best done when your current mortgage term is coming to an end. When you take out a fixed mortgage, the rate you pay on a monthly basis will be fixed for a certain length of time, say 2, 3, or 5 years. After this, you’ll be transferred onto your lender’s SVR which is normally more expensive. Therefore, it’s a good idea to start the process of remortgaging up to 6 months before the end of your introductory rate period. Doing this means that you won’t have to worry when you come to the end of your deal as you’ll automatically be switched to your new one and what’s more, your mortgage broker will inform you if a better deal becomes available during the period between arranging your remortgage and it being actioned.

What to Consider Before Choosing a Buy-to-Let Remortgage

As with all buy-to-let mortgages, there are a number of factors to consider before deciding which buy-to-let remortgage rate to choose. 

Compare Current Deals

For buy-to-let mortgage deals, it is important to do some research and compare buy-to-let remortgages from different lenders. That way you can ensure that you get the right deal to fit your circumstances. 

Available Rates

There are numerous factors that can affect what rates are available to you and you need to be aware of them. These factors include the amount of equity still left in your property, your rental income, credit history and the type of property you own. It would also be beneficial to compare different mortgage lender’s remortgage rates, to ensure you’re getting the best deal.

Equity

While the actual process of taking out a remortgage on a BTL property is very simple, you are required to have a deposit that is between 25% and 40% of the price of the property. For a remortgage this takes the form of equity in your property. Furthermore, you will pay higher interest rates compared to residential homeowner mortgages.

If you wish to reduce the outstanding balance when you remortgage, you can contribute additional funds as a deposit so that you have more equity in the property. This can give you access to cheaper rates.

Additional Costs

To overcome ICR calculations, so that some lenders are able to offer more competitive rates, they may charge more expensive arrangement fees. Bear in mind you may also have to pay mortgage broker fees.

Changing Lender

Another consideration is whether you decide to remortgage and change your lender or opt for a product transfer. Product transfers tend to be simpler but they may not always offer you the best rate.

The simplest and quickest way to decide what rate, deal and lender are right for you is to speak to a mortgage broker like John Charcol. Our advisers know the market and will learn about your situation and requirements before researching deals and finding the best option for your circumstances.

Finding the Best Remortgage Buy-to-Let Rates

The best buy-to-let remortgages are often exclusive to intermediaries and independent mortgage brokers like John Charcol. You can also use our tool to compare buy-to-let remortgages and find out which remortgage buy-to-let deals could work for you.

Like with getting the best buy-to-let mortgages, there are many factors that will determine the buy-to-let remortgage deals available to you, how expensive they are and what best meets your requirements. Factors such as your credit history, your rental income, the property itself, how much equity you have, how much you want to release and more. 

Our expert mortgage advisers can help you by researching the remortgage market and recommending the best buy-to-let product for your situation. We even manage your application from start to finish, liaising with lenders and keeping you updated.

Get in touch with one of our mortgage experts to find out more about getting the best buy-to-let remortgage deal for you.

Looking to Remortgage a LTD Company BTL?

A LTD company buy-to-let mortgage is a way for your company to take out a mortgage in the company’s name, rather than your own name. It is a useful product, as it allows you to keep both your personal and business portfolios separate, as well as potentially being more tax-efficient than a personally held buy-to-let mortgage. As such, the application process for both the mortgage and remortgage will require different items of evidence.

Learn more about LTD company BTL mortgages and compare rates.

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John Charcol Expert Tip - February 2024

While current buy-to-let mortgage rates have decreased, it's important to note the rise in arrangement fees. However, it's worth considering that, in certain situations, choosing a higher rate with lower arrangement fees may be more cost-efficient overall. Discussing this with your broker is advisable.

Transitioning from your fixed rate might introduce a new landscape compared to what you're accustomed to. Speak with one our experienced brokers to explore whether remortgaging or opting for a product transfer with your current lender is the right option.

 Mortgage Technical Manager Nick Mendes, CeMAP qualified

Why Remortgage Buy-to-Let Properties with John Charcol?

We Take Care of Everything

With nearly 50 years of service, we've seen it all. We can save you money, time and make remortgaging your property easy.

We're Highly Recommended

We have over 2,100 5* reviews on reviews.co.uk, so you can feel confident that your mortgage is in the right hands.

We Give Personal, Expert Advice

We work around your schedule to help you arrange a mortgage that suits your circumstances, no matter how complex.

BTL Remortgage Process

1. First Call

When you contact us, we’ll arrange an appointment between you and one of our advisers – this can be over the phone or face to face. Your adviser will ask you some questions and, once they have all the right information, they’ll go away and find you the best BTL remortgage for your current and future needs. They’ll then organise a follow up appointment to tell you about their recommendation.

2. Decision in Principle

After your adviser has presented you with their recommendation and you’re happy to proceed, they’ll work on securing your DIP (Decision in Principle). Your DIP is a promise from the lender that they’ll loan you the money on the condition that the information you’ve provided is correct and subject to a valuation on the property.

3. Pre-Application and Submission

After securing your DIP, we’ll start to prepare your mortgage application. We’ll send you a pack that explains all the different documents the lender needs. You’ll be assigned a client relationship manager who’ll go through your documents and get everything ready for submission. Your adviser will then submit your full mortgage application.

4. Lender Underwriting and Valuation

The lender carries out a process called “underwriting” where they check all the information and documents you’ve provided in your application. They’ll also instruct a mortgage valuation on the property to make sure there are no significant problems with it. Sometimes a lender will only instruct a desktop valuation for a remortgage – rather than a physical valuation – as your property would have likely had a valuation and internal inspection when you took out your first mortgage.

5. Mortgage Offer

Following a successful underwriting process and valuation, the lender will accept your remortgage application and send you a mortgage offer. They’ll also send a copy to us.

6. Conveyancing

After you accept the mortgage offer, you’ll go through conveyancing which is where a solicitor arranges all the legal paperwork so you can transfer from one lender to another.

7. Completion

Finally, after you’ve signed all the paperwork, your solicitor will set a date to draw down the new money to clear the outstanding balance with your current lender. Any excess funds will be returned to you. This is called completion.

John Charcol

John Charcol0330 057 5173£

Cutlers Exchange, 123 HoundsditchLondonEC3A 7BU

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LocalBusiness

4.87 based on 2415 reviews

  • LocalBusiness
    5
    Verified Buyer

    Louise Brown… the Tina Turner song comes to mind… “she’s simply the best… better than all the rest… better than anyone… anyone we’ve ever met…” So professional, patient, on-it. Can’t recommend highly enough and we’re clients of Louise’s for life. Thanks Louise!!!

    Posted
  • LocalBusiness
    5

    Friendly staff, kept informed at every stage and the deal was right for us. We have used this company several times and they always deliver great service, thank you

    Posted
  • LocalBusiness
    5
    Verified Buyer

    I was referred by a friend and I am glad I decided to go ahead with my mortgage needs with Dipak Shirsat from John Charcol. Dipak helped us secure a new mortgage on a property and re-mortgage our current home, the whole process took nearly 6 months. The professional attitude he had and his level of patience is simply unbelievable. He worked on our case as if it was his own mortgage, gave suggestions at every key stage of the mortgage, made us understand between choices, answered all questions patiently, never once sighed or rushed us in to the process. He is a gem, very smart, a lovely human being and an asset to John Charcol, understanding the customer needs/situation and helping them in securing their home is not an easy thing. I highly recommend Dipak to anyone, if you are in a complex mortgage situation and still want to get the job done perfectly, reach out to him. He will work his magic ! Thanks Dipak from the bottom of my heart !!

    Posted
  • LocalBusiness
    5

    My personal situation - foreign income and being over 70 - meant that it was extremely difficult to find a mortgage. However John Charcol rose to the challenge and found at least 2 providers within the space of 48 hours. Not only that but they also found Life insurance to cover the mortgage. I cannot thank them enough. They are highly recommended!

    Posted
  • LocalBusiness
    5
    Verified Buyer

    This is the first time I have requested service from John Charcol for my property re-mortgaging, and it has been a wonderful journey with Mr. Dipak Shirsat. From the first moment he picked up my initial phone call, I knew he was the person who could resolve my complex situation. He is incredibly intelligent and remembers every small detail of my case. I felt like he was always on the same journey with me, navigating through all the challenges. He was always there, listening and understanding my issues, and actively seeking solutions. Dipak showed great passion for his work and empathy towards me. He is undoubtedly one of the top professionals in the country. Despite being busy with other customers, he was always responsive and punctual whenever I contacted him. My case took more than two and a half months to reach the desired outcome, demonstrating his remarkable perseverance. I cannot imagine how anyone else could have helped me as effectively, and I am immensely grateful for his assistance. His exceptional service far exceeded the associated fees.

    Posted
  • LocalBusiness
    5
    Verified Buyer

    Paul Corcoran at John Charcol worked with my girlfriend and I throughout the whole process, explaining every detail step by step and helping us understand everything. He went above and beyond to support us with extra advise and direction around the whole buying process as well, would absolutely recommend using their services!

    Posted

BTL Remortgage FAQs

Why Remortgage Your Buy-to-Let?

You can remortgage your buy-to-let property to release equity if you need to raise some money. It’s also a way to get a better interest rate or change the terms of your existing mortgage deal. Whatever your reasoning for remortgaging a property, it can have an impact on your monthly repayments and ROI (return on investment).

Can I Remortgage My Home to a Buy-to-Let?

It is possible to remortgage your home onto a buy-to-let basis. If you're looking to purchase a new main residence but wish to keep your existing property to let out - or are struggling to sell it - it may be possible to remortgage it onto a buy-to-let product. This is called let to buy. In some circumstances, when you remortgage your previous residence onto a buy-to-let basis, you may be able to release equity which you can then use towards your deposit on your new home.

What Criteria is Considered for a Buy-to-Let Remortgage Deal?

Every mortgage lender has different buy-to-let mortgage eligibility criteria, but the best BTL remortgage rates available to you will depend on your credit history, rental income and how much equity you have. A mortgage broker can take all of these factors into account to find the best mortgage deals for you.

Why Use a Mortgage Broker for a BTL Remortgage?

Our mortgage advisers are experts in all aspects of mortgages and remortgages so we can help you find the best deal. We’ll pair you with an adviser who will find you the best price for your situation so you don’t have to do the hard work. Our brokers will support you every step of the way.

How Do Interest Rates Work When Remortgaging a Buy-to-Let Property?

The BTL remortgage deals on the market are essentially the same products as the BTL mortgage deals for purchases. This means the interest rates are the same and work in the same way. Interest rates for BTL remortgages and mortgages are often hard to predict and they can fluctuate for extended periods of time. With BTL products in general, the interest rates are usually higher. We would suggest chatting with one of our advisers who can help you identify the interest rates available for your remortgage.

What Fees Do You Pay When Remortgaging a Buy-to-Let Property?

There are 6 types of remortgage fees: Early Repayment Charge, Deed Release Fee, Product Fee, Conveyancing Fee, Mortgage Broker Fee and Valuation Fee. You won’t necessarily have to pay all of these when you remortgage. We recommend you discuss these fees with a John Charcol mortgage adviser, as they can walk you through them all long before you  finalise your deal.

Home Insurance

We’re partners with Legal and General, so we can find you suitable buildings and contents insurance for your property. 

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Protection

It's important to protect yourself against the unforeseen. Our in-house team can organise mortgage protection that's tailored to suit your unique needs.

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JC Legal

We have access to a select panel of trusted conveyancers and solicitors so, not only do we organise your mortgage, we can refer you to a trusted solicitor for the conveyancing part of the process.

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Concierge 

We can help you prepare your property for tenants with our exclusive Concierge Service - available through our partners Just Move In. They’ll arrange all the removals and more. 

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