View more on these topics

Landlords turning to remortgaging to fund home improvements

Landlords are increasingly turning to remortgaging to finance property improvements, according to Countrywide.

Countrywide says in the 12 months to the end of March 2018 there were 171,421 buy-to-let remortgages, of which 9,523 landlords, or 5.6 per cent, used the cash for home improvements.

In the 2017 calendar year the figure was also 5.6 per cent, or 8,459 out of 152,100.

But in 2016 only 1.9 per cent of landlords used remortgaging to help fund house renovations. This represents 2,967 landlords out of 153,000 remortgaging.

The greatest increase was in the East of England. In the last 12 months one in ten remortgaging landlords used cash on home improvements, up 6.8 per cent in the last two years.

Landlords in London took out the most money to spend on buy-to-let improvements, £35,470 on average.

This is over three times the amount an average landlord in Yorkshire & the Humber withdrew (£11,150).

Across Great Britain as a whole, the average landlord remortgaging to make improvements took out £22,850.

Countrywide research director Johnny Morris says: “A record number of landlords are remortgaging to release money to spend on their properties instead of trading up.

“The additional transaction costs incurred from the stamp duty changes for second-homeowners means more landlords are choosing to invest in their properties, refurbishing and improving them and holding on to them for longer to maximise gains.”


Furness BS added to Buy to Let Club panel

Buy to Let Club has added Furness Building Society to its panel of lenders. The club points out that Furness is viewed as a flexible lender by intermediaries, because of the way it focuses on affordability when assessing buy-to-let cases. Buy to Let Club managing director Ying Tan says the “flexible and individual approach” to […]

Charcol’s Elliott joins The Buy to Let Business management team

The Buy to Let Business has appointed Paul Elliott to its management team. Elliott (pictured) has worked in the mortgage industry for 18 years, most recently as head of specialist lending at John Charcol. His title at The Buy to Let Business will be ‘mortgage manager.’ At Charcol, Elliott was involved in the development of the […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


News and expert analysis straight to your inbox

Sign up