If I remortgage can I borrow the same money and pay less than I am paying now?
For those of you settled into a home, don’t feel like you’re missing out on a great opportunity. With an interest rate hike seemingly inevitable, now is a great time to secure a fixed rate on your mortgage. Interest rates for remortgaging are very low at the minute and with house prices improving there is a greater opportunity for all to take advantage of these.
Due to the rise in house prices, many people are also looking to re-mortgage in order to release the equity to use as a deposit for an investment property or perhaps a deposit for their children to buy their first home.
The number of people looking to use property as an investment is still growing. Although housing prices have risen over the last 18 months, property still remains an attractive opportunity for people to invest in whether that be to increase current income or provide a supplemental income for retirement years. Many lenders are recognising this and are introducing some extremely competitive rates and even the opportunity for 80% LTV mortgages.
However, if you are inexperienced it is important to seek out the correct financial advice as there are many different strategies which can be chosen depending on your requirements. Make sure you have discussed all possible avenues with an experienced advisor who has a good track record in dealing with BTL investors.