The amount of landlords looking to remortgage the properties in their portfolio increased massively in the final three months of last year, as they sought to take advantage of continued low interest rates.
Council of Mortgage Lenders (CML) figures show that buy-to-let remortgaging increased by 42 per cent compared to the year before, while the value of those loans increased by 53 per cent to a whopping £3.2 billion.
With the British economy making a recovery much quicker than expected, that could result in the Bank of England putting up its base rate sooner, rather than later. Although analysts reckon it`ll be 2015 at the earliest, that hasn`t stopped some landlords looking for new deals already.
It`s not just buy-to-let property owners who have been keen to move to alternative mortgage deals – the CML data indicates that there was a rise of 16 per cent in the number of residential homeowners remortgaging in the fourth quarter of last year too.
Taking out a remortgage or investing in a buy to let property isn`t something to be done lightly – while you may think you`ve found a deal that results in lower monthly repayments, you may have neglected to consider any termination fees from your current lender.
So that kind of thing doesn`t get missed, you should come to an experienced mortgage broker like First Choice Finance. We`ve been finding the most suitable mortgages from our panel for UK customers for around 25 years and the process is really straighforward.
Just talk through your scenario with our mortgage advisers, they will provide you with a free no obligation quotation and then you decide whether to ahead. Discover more at firstchoicefinance.co.uk or call us on your mobile on 0333 003 1505 or from a landline on 0800 298 3000.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.
Have you got a bad credit rating or been declined finance in the past First Choice Finance have a selection of bad credit loans to suit many unique circumstance contact us and speak to one of our loan experts.