Landlords 'should remortgage early' - buy to let mortgages

12 December 2008

Those with buy to let mortgages should begin preparations to find a new deal on their loans as early as possible, it has been advised.

Managing director of Designs on Property Kate Faulkner has told landlords that they should begin the remortgaging process as soon as they can to avoid paying higher amounts of money later on.

She also recommended that investors who do not have a 25 per cent deposit in a property to seek a professional valuation before looking to remortgage.

Ms Faulkner, who was speaking at Birmingham's recent Landlord and Buy to Let Show, told potential remortgagers: "It's not something that you can do six weeks before … you need to know how much more money you are going to have to give now rather than later on."

In November, the Council of Mortgage Lenders reported that there were 11.69 million mortgages outstanding in the UK in the third quarter.