Why review your buy to let mortgage arrangements?
Anyone who has a buy to let mortgage where their initial fixed or tracker rate has come to an end could achieve significant reductions in their monthly mortgage payments by finding a new deal. This could be with an existing lender (rate switch) or with a new lender (buy to let re-mortgage).
For those clients that are coming to the end, by acting early can prevent yourself from moving on to the costly standard variable rate that most lenders automatically move you to.
Whilst reducing monthly costs may be the motivation for many to consider remortgaging their buy to let property, our clients often have other factors driving their decision such as:
- Reducing the term of their buy to let mortgage
- Consolidating other debts
- Releasing equity to finance further investment opportunities