First class service! Straight forward to deal with, answered all questions quickly and a speedy turn around to mortgage offer being issued. I cannot recommend Nigel and the Team highly enough. I would…
Thank you so much to Nigel for helping out with my recent remortgage. Always available on his mobile to answer any questions I had and made the whole process as stress free as possible for me. I would…
Nigel was extremely helpful in arranging my remortgage. His excellent knowledge allows him to provide a fast, efficient and professional service. Previously I have tried to arrange these myself which …
Highly recommended explained everything well, went to and from the lender so many times making sure all was agreed before spending my money on a survey 5 star amazing service!
Thank you Nigel for helping us with our mortgage! We really appreciate your patience and for always being at the end of the phone to answer any questions no matter how big or small!
Thank you so much to Nigel for helping out with my recent remortgage. Always available on his mobile to answer any questions I had and made the whole process as stress free as possible for me. I would definitely recommend him to friends and family!
“I received protection advice from Brian at AJMS and we proceeded to arrange various insurances for myself & my partner. I am very happy with the service I received and the policy I was recommended, I wouldn’t hesitate to recommend Brian’s services to anyone looking to arrange their personal insurance. “
Nigel has been our mortgage/financial advisor for many years now. His knowledge and expertise is second to none and I can’t recommend his services enough!
Alexander James Mortgage Services - The Best Woking Mortgage Brokers
Nigel is extremely knowledgeable, professional, supportive and well versed in many financial services, including but not limited to Mortgages. I would highly recommend you engage with him and his company to assist with your financial needs and mortgage application. A one stop shop in financial services with friendly advice and exceptional service delivery. Happy Customer !!
Alexander James Mortgage Services - Woking Mortgage Brokers
Nigel has been very helpful and knowledgeable helping me out get the mortgage to get my first house. His knowledge does not only limit on mortgage but broader financial areas. I was a happy customer and would definitely ask him for your help if I will need to get more properties with mortgages or advice on financial planning.
I used Nigel over the course of the years for my property purchases. In all my dealings with him he has always given me impartial advice and in my opinion found the best rates on the market. I would recommend Nigel as an honest and genuine financial adviser.
We were recommended to use the services of Nigel Glossop of Alexander James Mortgage Services by our then financial adviser.
In retrospect, this was an excellent recommendation as Nigel provided an outstanding service.
We were so impressed with the service that Nigel provided that when our youngest daughter decided to purchase a flat, we again secured the services of Nigel.
Who provided a first class service in helping her obtain a very competitive mortgage and appropriate life, critical illness, contents and health insurance cover.
And in the future will help her to set up a private pension fund.
So to anyone looking for sound, sensible and straightforward financial advice, we all recommend Nigel Glossop of Alexander James Mortgage Services.”
While there are critical differences between a standard mortgage, and a buy to let mortgage, there are many similarities between the different mortgage types. Landlords can remortgage their property, much in the same way as a homeowner can remortgage their property.
With strong demand for rental property in Woking, it is no surprise many Woking landlords are reviewing their options. Woking landlords looking for remortgaging advice should consider the following issues.
There are many factors considered by a mortgage lender when they receive a remortgage application. When a landlord applies to remortgage property, the reasons behind the application influence the decision, and what loans are offered. A landlord looking to release equity to carry out home improvements or to build their portfolio will be assessed differently to a landlord looking to obtain a better rate of interest.
Some of the main reasons a landlord decides to remortgage their property could be:
All these reasons are valid, but some lenders will look at some of these reasons as being more favourable than others.
Letting property when you hold a standard mortgage is frowned upon, and it will contradict the terms and conditions of many landlords. Therefore, if you become an accidental landlord, or you decide to let the property you own, you must inform your mortgage lender.
You will find it is possible to remortgage your property to a buy to let mortgage, and many mortgage lenders are sympathetic in this situation. There are many personal reasons why a person can no longer live in their property and letting the property may be a more effective solution than selling the home. If you are in this position, or you wish to enter the rental market with the property you already own, contact your current mortgage provider, and discuss the matter with them.
Of course, your current mortgage provider may not be able to offer you the best deal, so once you have informed them of the situation, you must review your options. You must find the mortgage which is best for you, and this may or may not be provided by your existing mortgage provider.
The current value of the rental property you own and the sum of money you wish to borrow will affect the offer you will receive. It is not uncommon for lenders to offer remortgages up to 80%, and some lenders may provide a higher offer.
As with homeowners remortgaging their property, landlords must place their finances in order before they apply. Buy to let mortgages are reviewed to a higher standard than residential mortgages, and this is the case for buy to let remortgages too.
Landlords should expect to be questioned in their rental income and to prove that even after the remortgage, they can afford the monthly payments. Each lender has its criteria, but it is not uncommon for lenders to request landlords receive an annual rent that is at least 125% of the yearly mortgage or remortgage payments.
There is no reason why landlords cannot remortgage their buy to let property. However, it is vital landlords approach the application in the manner they made their initial mortgage application.
If you’d like to get in touch with us to discuss all your possible options, we’re always here to help.