Due to the complexity of mortgages and the fact that each individual home owner is assessed based on their personal financial circumstances, there is no simple answer to this question. However, if you have a buy to let mortgage and want to remortgage to release equity, there is no reason why this would be more challenging than if you had a typical, residential mortgage for a property you live in.
With any remortgage, the answer to whether or not you will be accepted lies in your ability to afford or repay the loan, as well as any risk involved to the lender. This means that whether you have a buy to let or any other type of mortgage, any equity release will be determined by your income, any potential rental income and the ongoing costs you incur on a regular (usually monthly) basis.
It is common for people to wait until their mortgage term expires to remortgage. However, this is not always the only option. If you would like to remortgage to release equity from your current buy to let mortgage, we recommend speaking to an experienced and qualified mortgage broker, such as one of the experts at Private Wealth Mortgages.
Give us a call on 01403 270006 and one of our friendly, impartial and experienced mortgage brokers will be happy to present you with the appropriate options for your personal circumstances.