The advantages of combining all your buy to let mortgages on to a single BTL portfolio mortgage account.
The private rental sector has grown from strength to strength in the last few years, as more people look towards renting long term. This trend is predicted to continue well in to 2013/2014, with some property experts predicting much longer still. This increased demand for rental accommodation has been great news for private landlords.
Record low mortgage interest rates, high rental yields and an uncompetitive housing market, make this an ideal time for landlords to expand their property portfolio – if they are able to do so.
In addition to experienced landlords expanding their property portfolio, we have new property investors entering the market due to the profitability which owning a buy to let portfolio can generate.
Most landlords start off with a single buy to let mortgage and purchase new buy to let properties with new, separate buy to let mortgages.
Depending on what BTL mortgages where available at the time each new property was bought, it is quite likely these BTL mortgages are spread over different lenders as new products come to the market, this can make keeping track of mortgages, accounts, payments and fees increasingly difficult and time consuming (and may also be reducing the profitability).
Combining separate BTL Mortgages to a single BTL Portfolio Mortgage has many advantages, the main ones are:-
1. You have one account to manage. This means you will only have one direct debit mandate, one monthly payment, one mortgage statement and one set of interest charges for the entire buy to let mortgage / property portfolio. This covers all of the property in your portfolio and if you wish to add or remove property from this portfolio you do not have to “re-mortgage” this can save thousands in fees over the years. Read More