Remortgages for Landlords
Landlords with more than one property generally refer to this as a property portfolio. If you are a landlord and have a portfolio of properties then a buy to let mortgage or remortgage may be of interest to you.
Ocean have a range of purchase mortgages and remortgages for landlords from our extensive panel of lenders to help you remortgage one or more of your properties. With buy to let tenant demand up, find out how you can take advantage here.
For further information on remortgages for landlords please watch the buy to let information video shown. You will find more videos about buy to let mortgages on our video pages.
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As with a normal buy to let mortgage, a lender will usually expect the rental income to cover around 125% of the mortgage repayments before they will consider lending based upon rental income alone, although any lender may look into other financial commitments when you apply.
Buying to let is similar to an investment and owning multiple properties allows the investor to spread the risk across different markets for example owning a student rental property and a professional flat. Having many properties and sources of income may help offset the cost of renovating a particular property or cover costs if one property is empty.
Just as when considering a mortgage or remortgage on your own property, before you consider getting a mortgage or remortgaging to raise money for additional properties you should consider a number of things:
- Where to buy your property – you could either undertake research yourself or get the help and advice of a specialist letting agent or estate agents
- Who will rent your property – keep the type of tenant you are aiming for in mind when choosing a property as they may have different requirements
- The surrounding location of your property – it may be best to ensure that your property is close to to amenities such as shops, leisure centres, schools and universities if you are aiming at the family or student sector
Different lenders may adopt different rules, but Ocean can choose from their extensive panel of lenders and get you the right buy to let mortgage or remortgage making it easy for you to manage your properties.
Ocean does not give investment advice. If you are considering investing in Buy to Let properties you may want to seek independent financial advice.
To speak to an experienced underwriter please feel free to call now on 0800 916 9185 or 0330 303 0202 (Mobile) or complete the short online application form.
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Think carefully before securing other debts against your property.
Your property may be repossessed if you do not keep up repayments on your mortgage.