Remortgaging your buy-to-let property is a little more complicated than a residential mortgage, as it concerns the bigger picture of not only your income and circumstances but also your performance as a landlord.

Buy-to-let remortgages are, like other residential mortgages, ultimately based around risk. With a buy-to-let property, more factors make you more or less of a risk. Understanding what buy-to-let lenders consider risky business is the key to achieving the best remortgage deal. That’s what a remortgage adviser excels at.

Speaking to a Buy-to-Let Remortgage Adviser

If you’re needing support regarding a buy-to-let property, we have a team of experts here at John Charcol that are here to support you. One of our buy-to-let advisers can recommend the best remortgage deals based on your circumstances and aspirations as a landlord.

Our remortgage advisers have relationships with the buy-to-let lenders both high street and more specialist, so they can get under the bonnet of what type of landlord they want to lend to -- giving you a better chance of a “yes”.

One of our advisers will firstly conduct a fact find, which will involve questions like:

  • Why do you want to remortgage the property? A better deal or to raise finance?
  • What do your current finances look like? This includes income from all sources
  • What are your buy-to-let aspirations? Property empire or second home?
  • Is there anything that might prevent you from getting a remortgage? Such as debt or CCJs
  • What current properties do you have by type/age/tenant?
  • What do you currently receive in rental income across all your buy-to-let properties?
  • What buy-to-let mortgages do you currently have and what are their details – e.g. term, rate, LTV, property details, etc.

Your adviser will then research the market using the information you’ve given them, before providing you with their buy-to-let remortgage recommendation. Assuming your happy with their recommendation and choose to proceed, the adviser will discuss the next steps with you regarding the application and submission requirements.


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Can I Release Equity from my Buy-to-Let When I Remortgage?

Releasing equity when you remortgage is common but how much you can raise on your property will depend on certain factors – e.g. property value, rental income and equity. Your buy-to-let remortgage adviser will discuss your options with you.

You’ll also need to understand the impact of borrowing more as it will cost you more in interest over the same period. It can also change the remortgage deals that are available to you.

Can I Use a Buy-to-Let Remortgage for a Deposit for Another Property?

Landlords often leverage their portfolio of rentals to purchase a new property. Again, you must understand that this might have an impact on your remortgage interest.

It’s incredibly important to consider this if you have existing tenants, as paying more to remortgage could decrease your profit (yield).

Can I Use a Buy-to-Let Remortgage for Property Improvements?

Everyone has high costs for refurbishing properties now and then, so it makes sense to explore the options of using equity from the house you’re investing in. Be sure to check the financial impact it’ll have on your monthly payments with your adviser.

Can I Pay Off my Debt with a Buy-to-Let Remortgage?

It is technically possible to consolidate debt with a buy-to-let remortgage, but we don’t typically recommend this as most buy-to-let mortgages are interest-only which means you wouldn’t be paying it off over period of time like with a repayment mortgage.

Can I Use My Buy-to-Let Remortgage to Settle My Divorce?

Circumstances change and increasing your buy-to-let remortgage to pay off an ex can be done.

Increasing a remortgage for a rental property will mean that you might have increased monthly payments, which will impact your profit (yield).

If you try to remortgage before your current mortgage has ended, you might have to pay ERCs (early repayment charges).

Can I Use My Rental Remortgage for Business Investment?

This is possible, however there are fewer banks that’ll lend you money for this purpose - your remortgage adviser will know who does.

Can I Switch to a Cheaper Buy-to-Let Remortgage Deal Now/Early?

You can switch to a cheaper remortgage deal, however you need to consider the best time - coming out of a mortgage early can cost you (ERCs).

How Can I Find the Best BTL Remortgage Deals?

It makes sense to search for the best buy-to-let remortgage deals, but it’s essential to speak to an adviser or understand how to compare deals.

As with all lending, there are fees to pay and a difference in flexibility. A cheap buy-to-let remortgage deal with high fees can work out more expensive overall.

Can I Remortgage from a Buy-to-Let to a Residential?

You can remortgage from a buy-to-let to a residential if you’ve decided to switch your main home. Doing this can be complex so it’s best to discuss with a broker about your remortgage options. If for whatever reason you want to stay on your current buy-to-let mortgage deal but want to live in the property yourself, you must contact your mortgage provider to see if this is something they’d allow and what the terms and conditions are for your mortgage.

Can I Get a Buy-to-Let Remortgage with Bad Debt or Poor Credit?

It is definitely possible to get a buy-to-let remortgage with bad debt or poor credit, but you may find your options are limited. The easiest way to ensure you get the best deal for your circumstances to speak to a mortgage broker like John Charcol.

Does It Matter Who Lives in the Buy-to-Let When You Remortgage?

To ensure you have no issues with your remortgage, you want to make sure you disclose the correct information about your letting to your broker – e.g. is it an HMO, a student let, a holiday let, a normal buy-to-let or something else like a rental property for a family member? This is because there are different mortgages with different criteria for every type of landlord and rental property and your broker will need all the correct information to find you a suitable product. 

Contact Us About Remortgaging Your Buy-to-Let

Any questions still unanswered? Get in touch with a member of our team today on 0330 433 2927 or enquire online.


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