How to remortgage a buy to let property

If you own buy to let property, and even if it remains subject to a mortgage, you almost certainly have equity tied up in your investment.

There may come a time when you want to unlock a proportion of that equity – to improve your let property, for example, or to expand your investment portfolio. One of the readily accessible ways of releasing equity from a buy to let property is to secure a remortgage.

What is a remortgage?

A remortgage is very simply a new mortgage taken out on a property you already own. The remortgage serves either to replace a mortgage that currently exists on the property or represents a way of borrowing against the property.

As the Money Saving Expert points out in an article last updated on the 4th of February 2020, approximately one-third of all loans on residential property in the UK are remortgages.

You may remortgage a buy to let property in the same way as you may remortgage the home you live in – alth…

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SIC Codes for SPV Buy to Let Mortgages

What are SIC codes?

Limited companies need to be registered at Companies House. When registering a limited company the person who registers the company can choose one or more SIC codes. SIC stands for Standard Industrial Classication. There are hundreds of different codes covering all types of industries and services. This short post will explain which SIC codes are recommended for registered an SPV for a BTL limited company.

Different lenders ask for different SIC codes than each other. However generally as long as you have atleast one of the SIC codes as per below then most mortgage lenders should be OK.

The SIC codes suggested:

68100 – BUYING AND SELLING OF OWN REAL ESTATE68209 – OTHER LETTING AND OPERATING OF OWN OR LEASED REAL ESTATE68201 – RENTING AND OPERATING OF HOUSING ASSOCIATION REAL ESTATE68320 – MANAGEMENT OF REAL ESTATE

Generally as long as you have the above SIC codes registered for your S…

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