Jump to content

How easy is it to remortgage


Recommended Posts

Hi - so ive lived in my current house for 7 years.  In Dec 2019 I remortgaged as I was going to do a loft conversion.  Due to family reasons - that didn't happen so instead I pooled it with my own money to use for a btl.

That mortgage is due a renewal (2 year fix) in Dec this year.  Am I able to reportage again and pull some more money out for another BTL?  I have a fair amount of equity in the house still.

Any advice?

Link to post
1 hour ago, david slater said:

Hi

Yes you probably can, subject to a discussion with a broker to discuss your situation. It can be a good way to grow your portfolio depending on your appetite for risk. Good luck.

Thanks - yes im happy with the risk after thinking it over last year (have a decent final salary pension).

Ill def speak to a broker But would my lender be happy with me remortgaging twice so quickly especially with the fact that the original funds were redirected.  (HSBC if that helps)

My plan is to try and get 4-8 properties in the next ten years - so will need to be slightly aggressive as the equity in the new houses won't grow that quickly.  This seems a sensible way forward.

Link to post

Hi , I have re financed recently and must say I got a much better deal by shopping around than what my existing lender could give me, mainly due to then not giving a good enough valuation of the property in comparison to a new lender. i also wanted to switch to interest only which my existing lender wasnt happy with.

Find a great broker and they sort it out seamlessly, I used https://www.veracityfp.co.uk/our-team/mandy-waby-mortgage-adviser and she came recommended , brilliant service and will be working with her again for sure.

 

 

Link to post

Theres no reason you cant remortgage on the basis that you pulled money ut already. If you have the equity available and the numbers work on affordability and the other criteria fit then i dont see why it would be a problem. Most lenders are comfortable with a BTL purchase as you are essentially retaining the wealth and creating extra income to a degree, so its considered better than buying a depreciating asset like a car or boat for example.

Do shop around though, and ideally speak to a broker. Loyalty doesent exist in the retail banking market. If i were to recommend mortgages a week apart id be recommending a different lender each time, they rise and fall on rates depending on capacity, access to funds and other factors. There are also over 50 residential lenders out there, i think people underestimate how much choice there is. If a broker provides a solution thats cheaper or more efficient than what you would have got yourself then it will be money well spent.

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

Link to post
23 hours ago, Stuart Phillips said:

Theres no reason you cant remortgage on the basis that you pulled money ut already. If you have the equity available and the numbers work on affordability and the other criteria fit then i dont see why it would be a problem. Most lenders are comfortable with a BTL purchase as you are essentially retaining the wealth and creating extra income to a degree, so its considered better than buying a depreciating asset like a car or boat for example.

Do shop around though, and ideally speak to a broker. Loyalty doesent exist in the retail banking market. If i were to recommend mortgages a week apart id be recommending a different lender each time, they rise and fall on rates depending on capacity, access to funds and other factors. There are also over 50 residential lenders out there, i think people underestimate how much choice there is. If a broker provides a solution thats cheaper or more efficient than what you would have got yourself then it will be money well spent.

Thanks - I just wasn't sure whether BTL was a valid reason for them to allow us to reportage.  But for me it seems a good way to raise finance.

Thanks ref the broker advice - have been with HSBC for a while and they have always had great residential rates but worth shopping around for sure.

Thanks. 

Link to post
8 hours ago, Stuart Phillips said:

HSBC are great for residential mortgage rates, but they are pretty conservative when it comes to BTL, so you might find them more limiting than other lenders.

Thanks - ill try with a broker first and go on from there - still another 10 months to go. 

Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...