- Personal Finance
Online Buy to Let Remortgage Quotes
A Buy to Let Remortgage
A buy to let remortgage offers a number of advantages to a landlord, providing they can get a good deal. It used to be that only specialty lenders offered these kinds of loans but that is no longer the case. Nowadays most banks offer buy to let mortgages and remortgages. This makes it very easy to find a good deal.
A buy to let remortgage is just what you would think it would be it is the process of replacing a buy to let mortgage with a new one. A buy to let mortgage is one that is intended for landlords and it allows them to use the money they collect as rent as income when it comes to qualifying for a loan. Other than that they are not significantly different from standard mortgages. The same is true of a buy to let remortgage it is really no different than any other remortgage.
There are number of reasons that you would want to take a buy to let remortgage. In some cases it is to save money by taking advantage of falling interest rates. More commonly is to use the equity in the property to make other investments. Whatever the reason for deciding to remortgage it is important that you get a good deal. There can be a surprising difference in the rates offered from one lender to another. In order to make sure that you are getting the best possible rate you are going to have to do some comparison shopping. Fortunately the internet has made this very easy.
There is a lot more competition that the used to be as more and more lenders start to offer buy to let remortgages. This is great for the borrower but it does require that you put some effort into finding the best rate. There are a number of websites that offer free quotes from a variety of lenders, this makes it very easy to compare rates. You will just need to enter some basic information and you will quotes from a number of different lenders. One thing to keep in mind about those free quotes is that they usually aren’t free. The quote itself is free, but if you actually take out a buy to let remortgage you will almost certainly have to pay a broker fee if you go through one of those websites. This is usually about 1% the value of the loan, which can be a lot of money.