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Limited Company Buy-to-Let Remortgage Guide

Compare buy to let purchase mortgages with nationwide specialist mortgage advisers online. You can save money when you compare buy to let purchase mortgage rates with quotes from some of the leading mortgage providers in the UK

The rules around landlord finance can be complicated from unusual properties, rental stress tests, limited company buy to let and more so for portfolio landlords. Your circumstances can limit options from minimum income, credit score and experience.

With Bespoke Finance you can apply online for a free enquiry and receive advice from mortgage advisers specialising in property investment finance.

What is a Limited Company buy-to-let remortgage?

You use a Limited Company Buy-to-Let remortgage when your Company owns a residential property buy you want to refinance it (and contiinue to rent it out).

Landlords do this when the initial mortgage term has come to an end to get better mortgage rates often moving away from the lenders higher Standard Variable Rate (SVR).

Others will remortgage to release equity to use funds for other purpose. Such as to purchase further buy-to-let properties


Will I pay Stamp Duty?

No - typically on a remortgage there is no stamp duty to pay. It may be different if you are changing ownership, such as removing someone from ownership of a property or bringing in someone as a joint venture.


What about further advances, simpler?

Yes - some mortgage lenders (your existing lender) offer a further advance, allowing you to obtain a new rate and release equity from your property.


Lenders treat further advances differently - in general, it is less paperwork, but they may require a re-valuation and full application to check against current criteria.


Unfortunately, further advance products may not be as competitive as other lenders, or the lender's remortgage products themselves.


What about rate switch, simpler?

Yes - some mortgage lenders (your existing lender) offer a rate transfer or product switch. Allowing you to obtain a new mortgage rate and move away from the mortgage lenders SVR.


Lenders treat product switches differently - for many, they do not revalue the property or complete new stress tests or recheck you via there current criteria.


Unfortunately, product switch products may not be as competitive as other lenders, or the lender's remortgage products themselves.


... read more on What about rate switch, simpler?

What deposit is needed?

You often do not need any additional deposit. You will already have this in the property, now known as equity.


The house price may have increased since you purchased it, increasing the equity. Giving you lower LTV remortgages or some landlords choose to release this equity (to invest in further properties, renovate, etc..).


If the house price has decreased, this has eaten away at your equity. Meaning a higher LTV remortgage may be required.


The maximum LTV for a buy-to-let remortgage is 85% of the property value (15% equity required). If your LTV is higher than this, you may not be able to remortgage without investing more money.


The rental amount can limit the maximum remortgage loan amount achievable, requiring more substantial equity investment.


Our mortgage advisors can help you look at your overall position if that is to invest further or release equity.


What rental income is needed?

New regulations limit borrowing based on the rent deemed achievable by the lender's valuer. The minimum is assessed at a rate of 5.5% ensuring a 125% coverage.


As such for a £100,000 mortgage you would need at least £572 rent. Put simply you need £5.72 rent at a minimum for every £1,000 borrowing. That demonstrates the minimum - mortgage lender criteria may be tougher.


... read more on What rental income is needed?

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