UK Landlord Forum / Life

Hello everyone,

I'm a young landlord (25yrs old) trying to carve out a future in property investment for myself.

I brought a new build, 2 bed, terraced property 2.5yrs ago and want to remortgage this house to release some equity. By my workings, I can probably release about 4k-5k (keeping under the 80% LTV threshold) and along with 30k in savings, am looking at buying another property (or two) if possible.

I just wanted to find out from other more experienced landlords, their views on remortgaging? Is it an easy process? Should I even bother given my level of savings?

Sorry for the questions. This leap seems more confusing than the initial one I made buying the first investment.

Thanks in advance.

Remortgaging is a fairly easy process as your solicitor and mortgage broker will do the work. You just need to consider a few points to see if it is worthwhile.
1. Realistic price of your property
2. Repayment fees for your current mortgage
3. Broker and solicitor costs
4. Mortgage deals and rates
5. Survey/application fee

Once you have scoped out them then you can see if its worth it. Problem with new builds is that the original price comes with the new build premium and you may find resale prices are lower. Especially if they are still building in the area. The survey or application fee is usually non refundable so ultimately it depends on how the surveyor is feeling on the day as that could mean a +/-£10k valuation.