Buy To Let Remortgages
Helping buy to let landlords find the best remortgage deal
Remortgaging a buy to let property
If you own a buy-to-let property, the mortgage deal you took out when you bought it won’t always be the best deal for the long term.
Rates move, lender criteria change, and your circumstances as a landlord evolve. Remortgaging with Bennison Brown lets you review your current deal, secure better terms, potentially reduce mortgage repayments, and make sure your investment is still working as hard as it should be for you.
Bennison Brown, helping buy-to-let landlords find suitable remortgage deals
At Bennison Brown, we work with landlords across the UK, from those with a single rental residential property to experienced investors managing large portfolios. Our mortgage advisors understand the buy-to-let market inside out, including the criteria that can trip landlords up, and the lenders most likely to say yes to your particular circumstances.
Whether you’re looking to understand the remortgage process, reduce your monthly payments, release equity to purchase another property, move away from a fixed deal that’s coming to an end, or simply check whether you could be getting more from your current mortgage, our specialist brokers can find the right mortgage and handle the process from start to finish.
Ready to review your existing mortgage deal? Get in touch with our buy-to-let mortgage advisors today and find out what remortgage options are available to you.
When should you review your existing buy-to-let mortgage?
The most obvious trigger is your current deal coming to an end. If you’re on a fixed or tracker rate that’s due to expire, you’ll soon be moved onto your lender’s standard variable rate (lender’s SVR) once it finishes, which is often more expensive. Our experts help you review remortgage rates up to six months before this happens, giving you time to secure a new deal without a gap in cover.
It’s also worth contacting us to review your mortgage application if your circumstances have changed. A rise in your property’s value could mean you now qualify for a lower loan-to-value bracket and a better rate. An increase in rental income could open up options that weren’t available to you before. And if you’re planning to expand your property portfolio, releasing equity through a remortgage is often a more efficient route than other forms of finance.
Even if nothing specific has changed, it’s sensible to check the market periodically to ensure your mortgage needs are met. Buy-to-let rates and criteria shift regularly, and a deal that was competitive two years ago may no longer be the best fit.
Why use Bennison Brown for your buy-to-let remortgage?
Clients choose us as their mortgage brokers for hands-on support and to gain access to a wide range of new deals. As award-winning mortgage brokers with hundreds of reviews from first-time clients and many happy remortgagers, you can trust in our expertise and ability to tailor the search to your unique situation.
Here’s what you benefit from at Bennison Brown:
– Free initial mortgage review
– Access to a wide range of lenders
– Advice tailored to your property investments
– Clear mortgage comparisons
– Highly experienced in complex cases
– Guidance from start to finish
If you’re ready to assess your buy-to-let remortgage options ahead of time, call Bennison Brown on 0207 427 6067 or reach out to us to get started.
Key lender requirements when remortgaging a buy-to-let property
Buy-to-let lenders assess remortgage applications differently to residential ones, with more weight placed on the property itself and the expected monthly rental income it generates. Understanding what lenders are looking at helps you prepare and avoid delays.
Your equity
Lenders look at how much equity you already have in the property by assessing the loan-to-value ratio, which is the size of the mortgage compared to the property’s current value. The more equity you hold, the lower your LTV, and generally the better the rates and terms available to you.
Most buy-to-let lenders want to see a minimum deposit of at least 25%, though the most competitive deals often require more. If your property has increased in value since you bought it, or you’ve paid down some of the mortgage, you may find you qualify for a considerably better rate than you’re on now.
Rental income
Lenders need to be confident that the rent covers the mortgage payments comfortably, not just in the current market but if rates were to rise. This is done through a rental cover calculation, sometimes called an interest cover ratio, which compares your rental income against a notional interest rate set by the lender.
Most lenders want the rent to cover somewhere between 125% and 145% of the mortgage payment, with the exact figure depending on your tax status and the lender’s own rules. If your rental income has grown since you last remortgaged, this is often the area where you’ll see the biggest improvement in what’s available to you.
Affordability
Alongside the rental calculation, some lenders will also look at your personal financial position, particularly if you’re a portfolio landlord with four or more mortgaged properties, or if the rental cover alone doesn’t comfortably clear their threshold. This can include your personal income, existing commitments, and how your portfolio performs as a whole. Lenders want reassurance that you could cover the mortgage even if a property sat empty for a period, so a clear picture of your overall finances works in your favour.
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How remortgaging a buy-to-let works with Bennison Brown
- To compare deals, we start with a conversation about your current mortgage, your existing property, and what you’re trying to achieve, whether that’s a lower rate, released equity, or simply peace of mind that you’re not overpaying.
- We’ll also ask for the documents we need to assess and progress your application, which could include your proof of identity, details of your current mortgage, evidence of rental income, and information about your wider portfolio. From there, we search the market across our lender panel to identify the mortgage rates you’re eligible for.
- Once we’ve found the right option, we handle the application on your behalf, including liaising with the lender, valuers, and solicitors where needed. We keep you updated at each stage and deal with any queries that come up, so you’re not left chasing paperwork or decoding lender jargon.
- Our full remortgage process can take a handful of weeks up to a couple of months. The true timeframe depends on the lender, legal work, and your unique situation. We aim to keep the process straightforward for you and keep things moving throughout, so you know you’re getting the most suitable outcome.
Frequently asked questions about remortgaging a rental property
Can I remortgage if I currently have consent to let?
If you have consent to let, it’s worth switching to a proper buy-to-let mortgage rather than staying on consent to let long term. Consent to let is generally meant as a temporary arrangement, granted by a residential lender to let you rent out a property you originally bought to live in. When you remortgage, you’ll typically move onto a dedicated buy-to-let mortgage product, which is usually better suited to your situation and can open up more competitive rates designed specifically for landlords.
Does my credit history affect a buy-to-let remortgage?
As with a standard residential mortgage, lenders will check your credit history as part of the application, though the weight they place on it varies. A strong credit record makes it easier to access the full range of deals, while missed payments, defaults, or a low credit score can narrow your options or affect the rate you’re offered. It doesn’t rule you out, though. Some lenders specialise in applicants with a less-than-perfect credit history, and we can point you towards the ones most likely to lend based on your specific circumstances.
Should I stay with my existing lender or switch?
When it comes to BTL remortgage rates, it depends on what your current lender is offering compared with the rest of the market. Staying with your existing lender, often called a product transfer, can be quicker and usually doesn’t require the same affordability checks or legal work. But it’s not automatically the cheaper option.
Switching to a new lender can secure a better rate or terms, particularly if your equity or rental income has improved, though it will involve a fresh application and valuation. At Bennison Brown, we can compare both routes for you and recommend whichever genuinely works out better, rather than assuming one is always right.
How much does it cost to remortgage a buy-to-let property?
The cost of remortgaging a buy-to-let property will depend on the mortgage you choose and whether you’re switching lenders. You may need to budget for mortgage costs such as arrangement or product fees, valuation fees, legal fees, and mortgage broker fees. Some remortgage deals include free valuations or legal work, while others offer a lower interest rate but come with higher upfront costs. That’s why at Bennison Brown, we compare the total cost of each option rather than just the mortgage interest rates, and why we are transparent about our fees.
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