Best time for landlords to remortgage

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2 Apr 2015

There has never been a better time for landlords to remortgage

Author: Greg May

Greg MayBuy-to-let mortgage rates are at record lows, so if you are considering investing in property - or improving your returns on a buy-to-let you already own – now could be the right time to take out a new mortgage.

“The mortgage market is extremely competitive and we’re currently seeing some brilliant buy-to-let mortgage rates for landlords” comments Greg May, Romans Mortgage Services Director.

Romans landlords are offered a free no obligation mortgage review to ensure they’re getting competitive returns on their investment, and Greg is encouraging all investors to talk to an independent mortgage adviser to ensure they’re getting this.

“We recognise that not all landlords are the same, so whether you’re taking out your first buy-to-let mortgage or thinking of remortgaging your existing portfolio of properties to release equity and fund more purchases, we can offer expert advice on what products are available and guide you through the entire buy-to-let mortgage process” adds Greg.

According to Zoopla, the average monthly asking rent for two bedroom properties in Reading is currently £1,133*, Wokingham is £1,055*, Maidenhead is £1,285*, and Camberley is £986*. A combination of low interest rates on buy-to-let mortgages and strong rental yields are encouraging more landlords to grow their portfolios while interest rates remain at record lows.

In addition to the low interest rates currently on offer landlords also have the added bonus of the stamp duty reforms. The new thresholds mean that if you purchase a property for £275,000, you save £4,500 in stamp duty charges.

Romans is also experiencing more interest in property investment in the lead up to the new pension reforms this month. From 6th April over 55s will be offered a lot more flexibility when withdrawing their pension and can withdraw their entire fund in one go, only paying the marginal rate of income tax.

Romans’ independent mortgage advisers provide expert and impartial advice, ensuring that you benefit from a mortgage product that matches your individual circumstances. And as they work with Mortgage Advice Bureau (MAB), they have access to thousands of mortgage deals, some of which are exclusive to MAB.

For impartial advice on buy-to-let mortgages contact Romans Mortgage Services on 0118 3219 536.

*Correct as of 31/03/2015

You may have to pay an early repayment charge to your existing lender if you remortgage.

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.

Your property may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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