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Remortgage to buy another property

Remortgaging is the best solution for fulfilling all your loan needs at a nominal interest rate and at a nominal monthly repayment.  A remortgage is a much easier way than mortgaging your property; but you do need to have enough equity in your first home to use it to secure funds for buying another.

The house you are intending to buy with remortgaging must be for your personal use only. You can move into the new home to get a remortgage to buy another property, but if you are planning a buy to let remortgage then you will be charged commercial remortgage rates. You can’t apply for a buy to let remortgage with a mortgage on your residential property.

When buying a new home by remortgaging against your first property, you must have sufficient equity to release as well as the funds to pay for the initial up-front payment. You should also be aware that your new monthly repayment will be higher than your current monthly repayment amount.

In the event you are unable to meet your monthly repayment instalments on both your first as well as second homes, both are put at risk and both may be at risk of being auctioned. Whilst this is not necessarily the immediate response to any non-payment you need to be aware that this is a real possibility.

All you have to do is submit all the required documents relating to your original property and original mortgage as well as the new property documents along with your proof of income and tell us your lending requirements; we will help you to remortgage in the most convenient way for you.

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Remortgage to buy another property

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Frequently Ask Questions

If you are self-employed then getting a loan would be harder, but it’s not an impossible task. Agreed it was easy to borrow money in previous years but now it is quite a cumbersome process. If you need a loan and you are a businessman, freelancer or self-employed then you need to show proof that your income is stable.  Lenders will want to see your tax returns, bank account statements as well as an income report along with any kind of cash deposits ; if you have these then your rating will be higher than self-employed borrowers without such evidence.

The’ term of the mortgage’ is the total time period of the length of the mortgage. It means it is the time agreed to repay all the funds you borrowed along with the interest amount. The average term for repaying a mortgage is 25 years but you can choose from 15 to 40 years. The younger you are the higher term you can choose, the older you are the lesser the term will be. A higher term means low monthly repayments but a higher interest value. The lesser term means higher monthly payments and a lower interest value.

In order to remortgage your current property you must have paid off some of the original loan, for example if you own a house and its value is £100k and you made an initial payment of £10K and took a loan for £90k, but a couple of years later, you have only repaid £2k and the value of your house has increased by £1k this means that the value of the house is £110k and your pending mortgage is £70k. At this point the equity value is the difference between the value of your home and a pending mortgage which in the case of the above example will be £40k.

So, you can remortgage your home to get the additional £40k and if remortgaging to release the equity, you can remortgage part of the equity as well, which means you can borrow £20k or £30k of £40k

You may have paid more than half of the mortgage amount on your home and might want to buy a new house and are considering a remortgage to do this; before this can happen we need to confirm whether you are remortgaging to buy a house for your extended family or kids or if you are buying as an investment or to rent out to tenants. If you want it for your kids or extended family then you can remortgage your current property to pay the up-front payment or to pay some initial expenses.
However, if you are planning to buy for investment purposes and you want to let it out to tenants than you can’t remortgage your residential property as this would be considered a commercial property; a residential property cannot be remortgaged for commercial purposes.

Get a Quote

Now apply for a remortgage to buy another property quote online, All you need to do is provide your details below application form.

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