Landlords Looking to Build Portfolios with Low Interest Rate Remortgages

Landlords Looking to Build Portfolios with Low Interest Rate Remortgages

Homeowners aren’t the only ones looking to take advantage of the opportunity in remortgaging. With more remortgage products on the market than a few weeks ago and interest rates attractively low, the benefits to remortgaging properties could offer lower expenses making the ability to build in the buy to let business possible. According to a recent report, it is expected that more landlords will be taking the opportunity to remortgage in the months ahead.

In March, the Bank of England’s Monetary Policy Committee (MPC) reacted to the economy’s impact from the Covid-19 pandemic by cutting the standard base interest rate to a historic level of 0.1%. As the lending market attempts to get back to business, demand from landlords is expected to be strong just as it has been with homeowners.

Landlords have been cautious and haven’t been taking advantage of remortgage opportunities to grow their business. Risk in building their portfolio hasn’t been a directive with the issues the UK economy has had the last few years. The current opportunity to take advantage of the remortgage deals available is perhaps too good to ignore. 

While demand is strong, there is still an obstacle of lenders and brokers having a back log of applications. Those landlords and homeowners that are ready to get a remortgage should keep in mind that time is perhaps the greatest obstacle to overcome. Therefore, experts encourage those interested to take action when they discover their best remortgage. Take action sooner rather than later and be patient. Respond promptly with the required information a lender or broker might need and work closely with them to keep the process active and moving forward. 

The opportunities in remortgaging of today might not be around for months or even weeks. Whether a landlord or a homeowner, discovering what is available is the first step to take. Experts suggest shopping around online to gather information and begin to narrow down choices. With a bit of time invested into shopping, and nothing to lose, there could be much to gain.

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