The buy-to-let remortgage market in very healthy, accounting for around 65% of enquires at TBMC and presents a great opportunity for intermediaries.
Remortgaging applications may include capital raising – borrowing funds above those currently owed to an existing lender for other uses. Where your client has equity available, raising additional funds through a remortgage might provide a solution to their modern financial needs.
Lenders can be quite flexible about the purpose of the capital raising and typical reasons include:
· buy-to-let or residential deposit or purchase
· personal expenditure
· property improvement and refurbishment projects
· debt consolidation
· business purposes or investments
· application costs
Some lenders simply state that raised capital can be used for ‘any legal purpose’.
Your client will need to disclose what they intend to do with the capital raised as lenders will want to know where their funds are goings and that they’re being used appropriately. The client may need to provide evidence too. For an onward purchase, a decision in principle illustration may be requested.
TBMC offers a diverse range of remortgage products including free valuations, paid legal fees and up to 85% LTV lending to meet your clients’capital raising needs.