Getting The Best Rate For A BTL Remortgage

The Scenario

We were approached by individual seeking advice on a re-mortgage for their Buy-To-Let (BTL) property in Liverpool.

His current fixed rate deal was drawing to an end, and he wanted to know the best rates available on the market. For a competitive rate, our client believed he would have to look for a new lender, and naturally, he wanted to secure this as quickly as possible.

This concern was sparked by recent announcements about the Bank of England's (BoE's) rate hike - increasing to 2.25% (September 2022), the highest rate since 2008.

The client was concerned about his monthly mortgage payments due to the interest rate increase, and he wanted to get the best deal possible before the interest rate increased again.

The Solution

Thankfully for our client, we reviewed his circumstances and found that his existing provider offered the best rate. This expedited the process greatly, as we sought a simple mortgage product switch for the client - offered from the same provider.

A lengthy full application to a new lender was unnecessary since our client only needed to switch products. As a result, our broker submitted the product switch application on behalf of the client.

As a general rule, remortgages can take several months to complete, however, our broker was able to complete the process the very same day.  Additionally, there was no underwriting necessary, nor was a valuation needed, and no legal representation and solicitors were involved due to the nature of a simple product switch from the same provider.

Sometimes, the solution is simple. However, without our brokers' guidance, expertise, and ability to see the whole market, the solution could have been easily missed.

With the help of our knowledgeable broker, our client didn't have to spend endless hours searching for the best deal possible, and his anxiety was alleviated with a simplistic solution to the benefit of all involved.

In a similar situation? Please call our mortgage team on 0203 900 4322 or book a callback into our diary at a time that suits you.