For landlords, a remortgage should not begin when the current mortgage deal is only a few weeks away from ending.
By that point, the clock is already working against you.
The better approach is to start reviewing your position around 3 to 6 months before your existing mortgage deal ends. That gives you time to understand the market, review your current deal, check your property figures and consider the options available before any deadline pressure begins.
In a more challenging buy-to-let mortgage market, time matters. Rates can change, lender criteria can shift and the products available to one landlord may not be the same as those available to another. The earlier you start, the easier it is to make informed decisions rather than rushed ones.
At NetRent, we have worked with landlords for almost 23 years. We understand that a remortgage is not just a renewal exercise. It can affect cash flow, rental profitability, future borrowing, property plans and the overall direction of your landlord business.
That is why landlords should treat the final 6 months of a mortgage deal as a planning window, not a waiting period.
6 Months Before: Review Where You Are Now
The first step is to understand your current position.
This means looking at your existing mortgage balance, current interest rate, monthly payment, fixed rate end date, early repayment charges and the lender’s reversion rate. Many landlords know roughly when their deal ends, but not all have checked exactly what happens afterwards.
That detail matters.
If your mortgage moves onto a higher standard variable rate or reversion rate when your current deal ends, your monthly payments could increase significantly. For landlords already dealing with higher costs, this can place immediate pressure on cash flow.
At the 6-month stage, you do not necessarily need to choose a new mortgage product immediately. But you should begin reviewing your options so that you understand what may be available and what action may be needed.
This is also the time to speak to NetRent.
An early conversation can help identify whether a straightforward remortgage is likely, whether a product transfer may be worth considering, or whether a wider review of your rental property finance would be sensible.
Check the Property Value and Loan-to-Value
Your property value plays a major role in the remortgage process.
The relationship between the property value and the outstanding mortgage balance is known as the loan-to-value, or LTV. This can influence the range of products available, the rates offered and the lender’s appetite for the case.
If your property has increased in value, you may have access to a wider range of options. If the value has fallen or has not increased as expected, the position may be more restricted.
This is one reason why landlords should not leave the remortgage review too late. Valuation assumptions can affect the whole outcome.
For example, you may be hoping to release equity to fund another purchase, improve an existing rental property or strengthen your reserves. But whether that is possible will depend on the lender’s valuation, rental income, borrowing level and criteria.
A remortgage review should therefore look at both the mortgage and the property.
Review the Rent and Stress Testing Position
A buy-to-let mortgage is closely linked to the rental income produced by the property.
Lenders usually want to see that the rent is sufficient to support the mortgage, based on their own stress testing calculations. These calculations can vary between lenders and may be affected by interest rates, tax position, product type, ownership structure and the amount being borrowed.
This is where some landlords can be caught out.
A property may be rented, occupied and profitable, but the rent may still not meet a particular lender’s stress test for the amount the landlord wants to borrow. That can affect the product choice, borrowing level or lender route.
By reviewing this early, landlords have more time to consider their position. There may be alternative lenders, different mortgage products or other ways to approach the case. But if the issue is only discovered near the expiry date, there may be fewer practical options available.
Gather the Right Documents Early
Mortgage applications can be delayed by missing documents.
Landlords may need to provide identification, proof of address, bank statements, mortgage statements, tenancy agreements, rent evidence, tax information, company documents, property schedules or other supporting information depending on the case.
For landlords with more than one property, the document requirements can be more detailed.
Starting early gives you time to get everything ready before the application becomes urgent. It also allows time to check whether any information is out of date, inconsistent or likely to raise lender questions.
This is a simple but important point: the more prepared you are, the smoother the process is likely to be.
Think About Your Wider Landlord Plans
A remortgage is a good opportunity to ask a bigger question: what do you want the property to do for you over the next few years?
Some landlords want to reduce monthly payments. Others want certainty. Some want to release equity. Some are planning another purchase. Others are reviewing whether to keep, sell, refurbish or restructure part of their rental business.
The right mortgage route depends on those plans.
For example, a landlord who wants long-term payment certainty may look at things differently from a landlord who expects to sell or refinance again in the near future. A landlord planning to buy again may need to think carefully about cash flow, equity and how one mortgage decision affects the next one.
This is why remortgage planning should not be treated as a simple product swap. It should be part of your wider property finance strategy.
Do Not Automatically Accept the First Option
When a mortgage deal is close to ending, some landlords simply accept the most convenient option from their existing lender.
Sometimes that may be suitable. But it should not be assumed.
A product transfer can be quick and convenient, but it may not always provide the best overall route. A full remortgage may open up different options, particularly where the landlord wants to release equity, change terms, review lender choice or restructure borrowing.
The right approach depends on the property, the landlord’s circumstances, timing, costs and future plans.
That is why it is important to compare the position before making a decision.
Why 3 to 6 Months Matters
The 3 to 6 month window is important because it gives landlords time.
Time to review the current mortgage.
Time to check rental cover.
Time to consider property value.
Time to gather documents.
Time to understand lender criteria.
Time to compare options.
Time to avoid last-minute pressure.
In the current market, that time can make a real difference.
If you wait until the last few weeks, you may still be able to arrange something, but you may have fewer options and less control. If you start earlier, you are more likely to make a calm, informed decision based on the full picture.
Speak to NetRent Before the Deadline Becomes Urgent
At NetRent, we encourage landlords to speak to us 3 to 6 months before their mortgage deal ends.
We can help you start the conversation, understand the issues that may affect your remortgage and consider the right route for your circumstances.
Whether you are remortgaging one property, reviewing several rental properties, considering equity release or planning another purchase, early preparation is key.
Do not wait until your current deal is about to expire.
Call NetRent today on 01352 721300
Email: mortgages@netrent.co.uk
The landlord remortgage clock starts earlier than many people think. The sooner you review your position, the more time you have to make the right decision.
Disclaimer
NetRent does not provide legal advice. This article represents our general understanding of the landlord mortgage and rental property market and is provided for information only.