If you’re feeling the pinch as a landlord in the current climate, and you’re worried about the upcoming changes in EPC legislation, don’t panic, we’re here to help. Interest rates are changing at their quickest pace seen in over a decade. If you are within 6 months to the end of your current deal then act now, as remortgaging could help to ease the pressure.
We know the importance of finding a competitive mortgage deal for our landlords, whether you’re a first-time landlord, experienced portfolio landlord or a Ltd company.
There are a number of benefits of remortgaging.
- Reduce your mortgage costs
If you do nothing once your introductory rate is over, you’ll pay a higher interest rate on your mortgage. This could add thousands of pounds in interest over the term of the loan.
- Free up your capital
In a buoyant property market with property values still on the rise, you will find there could be additional capital in your property that you could make use of. By releasing this capital in the form of an increased mortgage loan, you could add to your portfolio, or carry out maintenance and repairs or for a whole host of other reasons.
- Manage your rental yield
It is important to monitor and review your property, portfolio or company to ensure your investment is as efficient as possible. Our expert advice, added to our trusted partners for tax advice, will ensure you are maximising your profits.
- Is it time for Ltd co. status?
If you are a small – large landlord, it could be time to consider the benefits of refinancing your portfolio through a LTD CO to help minimise current and future tax liabilities. Again, our expert mortgage advice added to our trusted tax specialists will ensure you receive the best and most cost-effective advice.
Additional factors to consider
- Depending on your EPC you may be eligible for a green mortgage product, which could potentially give you access to a lower rate of interest.
- Remortgaging can take up to three months to complete once you've decided to go for it.
- Just as with your initial mortgage application, your credit rating may be affected when you apply for a new mortgage deal. You may also be rejected for a new deal if your circumstances have changed, such as a lower household income than you've had before.
- There are also fees and charges associated with switching mortgage deals, which could offset any savings for a better interest rate.
- Before you decide to remortgage your property, you should speak with a Rettie Financial Services Mortgage & Protection Advisor who can carry out a mortgage health check with you.
- Researching the market and applying to a new lender that you want to transfer your mortgage to can be a very time-consuming process. A Rettie Financial Services Mortgage & Protection Advisor will undertake all of this work on your behalf.
- Rettie & Co. also have a dedicated lettings division that can support with your property requirements. They can offer a free, no obligation market appraisal to give you an honest analysis of your property's potential, and can also support with full property management and tenant introduction.
There’s no doubt that 2022 is a challenging year that is putting significant financial pressures on many, however our friendly and knowledgeable team of Property Experts and Mortgage & Protection Advisors are here to help you navigate this unsettling time. Our Mortgage and Protection Advisors can help you scan the entire market, and with access to over 90 lenders and over 12,000 mortgages, our team can work with you to find the right deal for your current and future needs.
GET IN TOUCH TODAY with our Mortgage and Protection Team to organise a free initial consultation.
Call us on: 03301 759 977
Email us on: [email protected]
Rettie Financial Services Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
Rettie Financial Services Ltd. Registered Office Address: Deuchrie, Dunbar, East Lothian, United Kingdom, EH42 1TG. Registered in Scotland Number: SC711925.
For insurance business we offer products from a choice of insurers.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
There is no guarantee that it will be possible to arrange continuous letting of your property, nor that rental income will be sufficient to meet the cost of your mortgage.