Yes, remortgaging is an option with CBTL.
You can remortgage your CBTL mortgage to release equity for renovations or switch to a regular mortgage if you’re moving back into the property.
Switching to a new lender requires a new application and meeting their eligibility criteria.
For a regular mortgage, they typically assess affordability based on your income, allowing you to borrow 4.5 to 5 times your earnings.
Furthermore, the same rules to remortgaging apply: You will incur early repayment fees if you switch during your fixed deal.
So, check with your current lender if they offer remortgages. Be aware that some buy-to-let lenders may not offer regular mortgages.
Consulting a mortgage broker is recommended. They can compare deals and potentially find a better CBTL mortgage rate.