Buy to Let Remortgage
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Buy to Let Remortgage
Adam Nunn and Jon Porter explain the process of remortgaging a Buy to Let property.
Can you remortgage on a Buy to Let property?
You can. It’s obviously important to review your mortgage regularly. Typically, you’ll do that three to six months before your current interest rate has ended, although you can do it any time.
It’s particularly important for landlords at the moment [podcast recorded in April 2025]. We’re seeing people that invested in property five years ago, who opted for a five year fixed rate and got a historically low interest rate. They’re now coming to the end of that and interest rates are now much higher.
We’re also seeing people that felt the effects of a decade-high interest rates a couple of years ago, and are hoping to get a lower rate. It’s really important to compare what your existing lender can offer you and mitigate any increases in costs.
You can certainly remortgage to a new lender, whether that’s just for the rate or for other purposes.
Why remortgage your Buy to Let?
It could be as simple as securing the best deal for you, meeting your circumstances, or wanting to review the terms of the mortgage,
For example, perhaps you have interest only and you now want to go over to a repayment basis to gain more capital into the property.
The other reason is to release funds. You might need to do some work to the property – home improvements, a new kitchen or bathroom, or to be more energy efficient in line with government policies. You may be ready to buy another Buy to Let property. It’s always good to review your mortgage.
How do I remortgage my Buy to Let?
Assuming you are changing lenders, you’re going to have to provide standard documentation, which is ID, proof of address, proof of income and credit commitments. We also usually ask for a credit report.
We need recent bank statements, and of course, because you’re already a landlord with a property, you’ll also have to provide a tenancy agreement, proof of rent and proof of profit from land and property. There’s a number of documents to gather there.
Once the application has been submitted, the lender will do their checks and request certain documents. They’ll typically do a physical valuation of the property, so you’ll have to liaise with your tenant or your letting agent to arrange a date.
Assuming that comes back as satisfactory, you’ll get your mortgage offer, at which point a legal or remortgage solicitor will be instructed. There’s a small element of legal work, for a few background checks on the property, and then you agree on a completion date.
On that date the lender and the solicitor clear off your existing mortgage and start the new mortgage. There could be a cost, although a lot of lenders do try to incentivise you by covering some or all of the costs for that solicitor.
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Can I be refused a Buy to Let remortgage? Why would that be?
You can, unfortunately. All mortgages are subject to a full application. The lender can decline an application if they’re not comfortable with the overall circumstances, the outcome of the valuation of the property or the rental figure. Everything needs to meet their background and affordability checks.
It’s our role to complete proper due diligence checks, request the right documents and do thorough research to provide you with the right recommendation – that will hopefully avoid any declines.
How long does it take to remortgage a Buy to Let?
It can vary depending on certain factors like the complexity of the application and the lender you’re going with. A quirkier lender might have slower processing times.
That’s why for a remortgage or mortgage review, we always try to encourage people to start three to six months early. Three months should be more than enough time to complete a remortgage.
A very efficient remortgage is usually around four to six weeks. A more standardised time is six to eight weeks all in all.
What costs are involved with remortgaging a Buy to Let property?
You’re going to have a broker fee and potentially solicitor fees. Lenders may have incentives where they offer free legal services – but purely the standard legals, so there could be extra costs there.
Valuation can be another incentive. They might offer a free basic valuation, but there may be an application fee or a product fee. These can be added to the mortgage if necessary, and that’s the right thing for the clients.
Do you have to pay stamp duty when remortgaging a Buy to Let?
No. Stamp duty is purely for when you’re purchasing property. It’s not for refinancing a property from one lender to another.
What are the benefits of remortgaging a Buy to Let property?
To get a better interest rate, hopefully, depending on the rate when you took your mortgage out historically. You can also achieve other objectives such as borrowing more money, altering the terms of the mortgage and funding home improvements.
What else do we need to know about a Buy to Let remortgage?
As always, our role is to and act on your behalf throughout the whole transaction. We provide you with advice, we apply for the mortgage, we liaise with solicitors as needed. It’s about giving you confidence that you’re doing the right thing.
If you’re looking to buy further properties, it’s not just about your current mortgage. It might be about looking at the onward mortgage, if you need one on that next purchase.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.
