Buy to let remortgaging is picking up pace among landlords.  Opportunity for high capital yields is booming and many are rushing to take advantage of the returns.  During the first quarter, remortgaging activity took off and is still on fire, according to buy to let specialist Mortgage for Business.  Many landlords are seeking ways to raise more capital and expand their portfolios through buy to let remortgaging.

Remortgaging activity during the first quarter reached new heights, according to records which started three years ago.  The first three months of the year, remortgaging accounted for almost three fourths of all mortgage lending.  This is in stark contrast to just 43% during the last quarter of 2012.

Many within the housing industry have estimated the Government scheme Funding for Lending played a major part in the resurgence of remortgage applications.  Low mortgage rates offered by big name lenders have been appealing to many who are in search of more buy to let property.

David Whittaker, director of Mortgages for Business, remarked on the high yields now possible in the buy to let market and the potential lending available through a remortgage: “Gross yields are tantalisingly strong at the moment, and that has sparked a real splurge of refinancing as landlords try to unlock enough capital to expand their portfolios and make hay while yields are high. With so much refinancing going on at the moment, we might well see a purple patch of purchasing activity later on in 2013.”

Remortgaging remains a well kept secret among many homeowners, but not among landlords seeking high yields on buy to let property.