Just like other mortgage products lenders offer an introductory interest rate over an initial fixed term period. At the end of the introductory term your mortgage will move onto the lender’s standard variable rate (SVR). Buy-to-let mortgages work in exactly the same way. The danger here is if you do not take action before the end of your deal you will end up paying more than you need to in repayments. Which is why many landlords have their next mortgage deal in place prior to the expiration of their current deal.
A buy-to-let mortgage leans towards the specialist sector of the mortgage market. As such there are specialist lenders with no high street branches who only deal with mortgage intermediaries like The Mortgage Xchange. To ensure you get the best deal based on your circumstances it makes sense you take independent mortgage advice with someone like The Mortgage Xchange who can find the best product for you by searching across the whole market.
If your current buy-to-let mortgage is coming to an end and you would like us to find the best deal and manage the whole process for you feel free to click here to contact us to arrange a free 15-minute consultation.
Please Note: The Mortgage Xchange is a partner of Scott & Goose LLP who are directly authorised by the Financial Conduct Authority under reference 661183. Your home may be repossessed if you do not keep up repayments on your mortgage.