Remortgage deals allow trapped home-owners to move on.
Lenders remortgage deals seem more readily available for the purpose of buy to let than for the residential house purchase.
Some home-owners finding themselves needing to move but unable to sell, are therefore working their way around the problem by remortgaging their family home to fund a new property purchase. The original family home is then let out to rent paying tenants.
Providing a good level of equity is available in the family home, the applicant has a minimum income of £20,000 and the projected rental return is 125% to 130% above the amount borrowed, lenders are generally willing to consider a remortgage application.
There are competitive remortgage deals available at the moment to attract those on rising SVRs, interest only mortgage holders looking to switch and buy to let property investors.
Currently the Coventry Building Society offer a 2 year tracker remortgage product for the purpose of buy to let for 65% LTV at a rate of 3.15% plus base.
Deal Direct are remortgaging experts. We are up to date on changing lending criteria and the most competitive rates currently on offer. Our skilled advisers will search the market on your behalf to find the most affordable remortgage deals.
Deal Direct will find you a competitive remortgage to fund your new property purchase.
