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More landlords opted to remortgage their buy to let properties in February – is it time for you to get a new mortgage deal before rates start to soar?

According to John Charcol, remortgage rates soared by 50% in February, but it says that detailed analysis of the figures shows that all of the increase in remortgage activity over the last two months is due to a particularly sharp increase in buy to let remortgages.

Many more landlords are realising that sticking on their mortgage lender's standard variable rate is not the most sensible option – while the base rate might be low now, it has to go up some time and a good mortgage broker will tell a landlord that they need to remortgage sooner rather than later if they are sitting on an SVR.

It might mean taking a hit in the short term, but remortgaging now may save hundreds of pounds a month in the medium and the long term. And a good landlord thinks long-term because a buy to let investment is a long-term investment.

If you think it might be time to remortgage, talk to a mortgage broker about getting hold of a new deal. They will help you find a remortgage that fits with your property, your rental income and your finances. And don't be put off if it means paying more for now, because a mortgage broker will always have your best interests at heart.

SOURCE: John Charcol, 10/03/10

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