In the not too distant past, purchasing a buy to let property was seen as a solid and relatively uncomplicated investment. Unfortunately, after increases in stamp duty and the loss of tax relief of mortgage interest, the buy to let landscape is now looking very different.
Prospective buy to let investors may be feeling hesitant about entering this market, which is understandable—but what about those who invested in buy to let property before the changes were announced, and now need to remortgage? Such landlords may find refinancing a challenge—and finding a flexible buy to let remortgage becomes even more difficult if you have any background issues, such as impaired credit, limited personal income or being an expat.
Stricter regulations mean landlords with such issues may now struggle to secure a loan from the high street banks, as these lenders tend to take a very rigid view on their lending criteria. Fortunately, we have access to the whole of the lender market, and have recently been working hard to develop a relationship with a lender which places a great deal of emphasis on dealing with potential borrowers on a case-by-case basis.
This lender takes a holistic approach to gain a true understanding of your situation. They are currently offering a flexible buy to let remortgage fixed for 5 years at a rate of 4.49%, up to 80% loan to value (LTV). There are multiple benefits to this product. Firstly, locking in a 5-year fixed rate enables you to be certain what your payments will be for the foreseeable future, meaning you can budget effectively.
- Up to 80% LTV
- 4.49% 5-year fixed
- Loans up to £750,000
However, the real appeal of this product is how flexible the lender is prepared to be with its criteria. This product is suitable for both portfolio and private landlords with a range of background issues. This lender requires no minimum income, but is also prepared to allow you to top up from surplus income if there is any rental shortfall on a single unit. This lender is also prepared to work with landlords who have historical impaired credit history; for example, they are happy to look past CCJs ad defaults up to £250.
Securing a flexible buy to let remortgage has become increasingly challenging, but is by no means impossible providing your case is presented in the right way. If this sounds like a product which would be of interest to you, please don’t hesitate to get in touch.