Guest Blog // West End Mortgages – Thinking of refinancing ?
There are various different ways and many different reasons that you may wish to release equity from an investment property.
Most commonly, we see landlords release capital to purchase additional investment properties, or to fund improvements to existing properties.
Applying to release additional funds from a property is commonly factored in as part of the remortgage application process.
As with any mortgage, approval is subject to each lenders specific criteria. It is also important to ensure that you remain in the correct loan to value bracket, to obtain a competitive mortgage deal.
A number of lenders will allow you to organise your new mortgage up to 6 months in advance of your current deal ending, meaning you can lock your new deal in as early as possible.
If you are part way through a fixed rate mortgage, your lender may allow you to apply for a further advance (additional borrowing) subject to meeting their specific lending criteria.
We have seen a number of lenders drop their interest rates over the last couple of weeks, meaning now could be a good time to review your mortgage options.