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  • Writer's pictureRicky Gandhi

How to choose the right BTL remortgage lender?

Table of Contents

  • Introduction

    • What is a BTL remortgage?

    • When should you remortgage your BTL property?

  • Factors to consider when choosing a BTL remortgage lender

    • Interest rate

    • Fees

    • Loan-to-value (LTV) ratio

    • Early repayment charges

    • Lender criteria

    • Customer service

  • How to compare BTL remortgage deals

    • Using a mortgage broker

    • Doing your own research

  • Conclusion

Introduction

A BTL remortgage is when you replace your existing buy-to-let mortgage with a new one. This can be a good way to get a better interest rate, reduce your monthly payments, or extend the term of your mortgage.

There are a number of factors to consider when choosing a BTL remortgage lender, such as the interest rate, fees, LTV ratio, early repayment charges, lender criteria, and customer service.

When should you remortgage your BTL property?

There are a few reasons why you might want to remortgage your BTL property. One reason is if you can get a better interest rate. Another reason is if you want to reduce your monthly payments. You may also want to remortgage if you want to extend the term of your mortgage.

It's important to note that you can only remortgage your BTL property if you have a good credit score. You'll also need to have a sufficient amount of equity in the property.

How to choose the right BTL remortgage lender?



Factors to consider when choosing a BTL remortgage lender

Here are some of the factors you should consider when choosing a BTL remortgage lender:

  • Interest rate: This is the most important factor to consider. You want to get the lowest interest rate possible.

  • Fees: There are a number of fees associated with BTL mortgages, such as arrangement fees, valuation fees, and early repayment charges. Make sure you factor these fees into your decision.

  • Loan-to-value (LTV) ratio: This is the percentage of the property's value that you're borrowing money for. The higher your LTV ratio, the higher your interest rate will be.

  • Early repayment charges: These are fees you'll have to pay if you repay your mortgage early. Make sure you understand the early repayment charges before you commit to a BTL mortgage.

  • Lender criteria: Each lender has its own criteria for BTL mortgages. Make sure you meet the lender's criteria before you apply for a mortgage.

  • Customer service: This is an important factor to consider, especially if you have any problems with your mortgage. Make sure you choose a lender with good customer service.


How to compare BTL remortgage deals?

There are a number of ways to compare BTL remortgage deals. One way is to use a mortgage broker. A mortgage broker will compare deals from a variety of lenders and find the best deal for you.

Another way to compare BTL remortgage deals is to do your own research. You can use online comparison websites to compare interest rates, fees, and other terms and conditions.

How to choose the right BTL remortgage lender?

Conclusion

Choosing the right BTL remortgage lender is important. By considering all of the factors mentioned above, you can be sure to find the best deal for your needs.




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