3 Things You Need To Know Before Remortgaging Your Buy To Let Property
2 minute read
For whatever the reason might be, there may come a time when you as a landlord will choose to remortgage your buy to let property. The process is essentially changing one lender for another, capitalising on whatever the financial benefits of said deal could be. However, its very important to be sure on some very important points before applicants jump headfirst into the world of remortgaging.
You will need ID, lots of it
Mortgage providers are generally varied in the types of ID that they will require and will expect that applicants adhere to their strict rules. As a rule, applicants will need to provide several different forms of ID for each person who will be named on the mortgage documents, so should be prepared to provide whatever is requested. Passports and driving licences are generally a safe bet, whilst recent water, gas and electric bills are generally accepted as a proof of address in most cases. It’s also a realistic likelihood that you will need to send off a copy of your home insurance policy, so the lender can be sure that you have adequate cover in place.
You will receive a lot of calls
The process of remortgaging is arguably a more complex process then the application process for an initial mortgage, as you will essentially be dealing with two different lenders. For this reason, constant contact will be expected with solicitors and lenders and you should expect to spend time arranging a viewing for valuation purposes and discussing your application with both your solicitor and lender.
Banks will try to sell you extras
You should be aware that a remortgage application presents a very real opportunity to sell a whole lot of other products to their customers. Whether its building insurance or mortgage life assurance, or countless other extras, the decision on each of these possible extras is at the discretion of the individual applicant depending on their situation and needs from their remortgage deal. A buy to let remortgage can be an important decision with deep-rooted benefits for landlords, so applicants should foreground the fact that once the remortgage is complete, you will have secured a competitive deal that could infinitely improve your financial standing as a landlord.