What is a Buy to Let remortgage?
A Buy to Let Remortgage works in a similar way to a traditional remortgage on a residential property. When you originally take a mortgage secured on a property it will more often than not have a rate which will be valid for a set time period, usually 2, 3 or 5 years.
After the initial time period for the rate expires the mortgage lender will usually transfer the mortgage to a higher rate. An ideal time to do a Buy to Let Remortgage is usually a few months before the rate is due to increase. The idea is to start looking at alternative lenders that will be willing take on the mortgage and offer you a better rate than what your current Buy to Let mortgage lender will increase your rate to.
So, to summarise, a Buy to Let Remortgage is the process and completion of looking at alternative lenders to take on your current Buy to Let mortgage with a view of offering you a better rate than you currently have or about to increase to.