The amount of landlords looking to remortgage the properties in their portfolio increased massively in the final three months of last year, as they sought to take advantage of continued low interest rates.
Council of Mortgage Lenders (CML) figures show that buy-to-let remortgaging increased by 42 per cent compared to the year before, while the value of those loans increased by 53 per cent to a whopping £3.2 billion.
With the British economy making a recovery much quicker than expected, that could result in the Bank of England putting up its base rate sooner, rather than later. Although analysts reckon it`ll be 2015 at the earliest, that hasn`t stopped some landlords looking for new deals already.
It`s not just buy-to-let property owners who have been keen to move to alternative mortgage deals – the CML data indicates that there was a rise of 16 per cent in the number of residential homeowners remortgaging in the fourth quarter of last year too.
Taking out a remortgage or investing in a buy to let property isn`t something to be done lightly – while you may think you`ve found a deal that results in lower monthly repayments, you may have neglected to consider any termination fees from your current lender.
So that kind of thing doesn`t get missed, you should come to an experienced mortgage broker like First Choice Finance. We`ve been finding the most suitable mortgages from our panel for UK customers for around 25 years and the process is really straighforward.
Just talk through your scenario with our mortgage advisers, they will provide you with a free no obligation quotation and then you decide whether to ahead. Discover more at firstchoicefinance.co.uk or call us on your mobile on 0333 003 1505 or from a landline on 0800 298 3000.
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