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But-to-let mortgages are on the rise in the UK. As the
name suggests, buy-to-let mortgages are used specifically for the purpose of
buying a house and letting it out on rent, without having to actually pay
the full amount of the house.
Buy-to-let remortgages can be very helpful, even if they tend to be a little bit more expensive than average remortgages.
Buy-to-let mortgage and remortgage are offered by almost every major bank, building society, and even specialized lenders too now. It’s highly advised that you don’t settle for the first buy to let remortgage you lay your eyes on, because you might find cheaper remortgage rates elsewhere. Search for a number of deals before you settle for any, and if you can’t find any, consider consulting a specialist.
BUY TO LET REMORTGAGE PROS:
• Easy source of income, especially for retired people
• If prices of houses are on a downfall, it’s easier to get tenants on rent
• Easily understandable
• Potential for capital appreciation
BUY TO LET REMORTGAGE CONS:
• Void periods
• Recurring nature of markets
• Down payments can be high
Reasons to Remortgage:
Most mortgagors decide to remortgage in order to shift from variable rates to fixed rates, and to avoid any possible losses and protect their savings in case of a rise in interest rates in the future. The most common reason for buy-to-let remortgaging is to free equity from a current buy-to-let property. However, before you decide to remortgage, double-check your current buy-to-let mortgage plan so that you don’t undergo any charges for transferring.
Buy to Let Remortgage Deals:
As the interest of people has grown in buy to let mortgages, lenders and banks have come up with amazing remortgage deals too. There are plenty of magazines and websites to help you out as well.
Compare buy to let remortgage deals and see how much money you can save on your monthly mortgage repayments.