New tax laws for buy to let property in the books include not being able to take the mortgage interest paid as tax relief for the year. The end of the year is closing in and the month of January is not far behind. Those owning buy to let property will soon be paying their taxes for the year 2018. The new law which affects landlords with the ability to find relief from mortgage interest paid has led many to seek lower interest rates on the mortgage repayments they are making each month. This has led to a massive increase in the amount of landlords remortgaging their property in 2018.

Buy to let landlords are making a serious move to offset the absence of relief from mortgage interest paid this year from new tax reforms. The third quarter of this year is quite an illustration of how powerful remortgage can be in the ability to save money.

Home owners have found relief and been able to save money by obtaining lower interest rates on their mortgages for years. The base rate has only in the past twelve months seen two increases which has increased interest rates throughout the lending sector. Only recently have landlords been flocking to the remortgage market in great numbers.

The number of landlords obtaining remortgage has actually reached new heights. In the third quarter of 2018, remortgage by landlords reached an all-time high. Almost 60% of all buy to let transactions were remortgage in Q3.

Landlords are facing the first phase of new tax laws in January which were part of the Summer Budget in 2015.