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I'm looking to raise finance to renovate my existing buy to let property, what are my options?

My five year fixed rate buy-to-let mortgage is due to end in June. I want to raise more money as I would like to do some renovations to the house. The new work will mean I can charge a higher rent. Is it possible for me to increase the mortgage, either with my current lender or a new one, or should I get a separate loan?

As you don’t say how much you want to borrow or the amount of your existing borrowing, I can’t tell you which route is best. However, you have a variety of options and I would recommend asking a broker to work out which is the most cost-effective. You could ask your existing lender for a further advance or you could remortgage. Even with early repayment charges, it might be cheaper. Another option would be to take out a second charge although this is likely to be more expensive. Alternatively, June is not far away and as such, it’s nearly time to start considering remortgaging anyway. It might be worth waiting until then. Do get in touch if you need help.

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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