As property owners find it increasingly difficult to get good deals on remortgages, the Property Owners Directory is recommending homeowners and buy-to-let investors take a firm grip on the remortgage market and process. Andy Stern of the Property Owners Directory says: “This is a tough market as there are fewer remortgage products available. Some banks and lenders have started to lower rates in recent weeks and property owners and buy-to-let investors need be well organised if they want to secure the best deals."

"Leaving it too late means you could revert to your lender’s standard variable rate, an uncomfortable place to be in the current climate,” he adds. 1.4m property owners whose mortgage deals come to an end in 2008 will be looking for a new deal, according to the Financial Services Authority. At the same time, the Bank of England recently reported that loans for remortgages fell to 69,000 in July, down from 80,000 in June and an average of 96,000 over the previous six months.

The Property Owners Directory has published tips for home owners and buy-to-let investors who need to negotiate remortgages in today’s recessionary climate. Property owners who find a good deal can speed up the remortgage process by making sure the legal part is completed efficiently.

“If you are ready with documentation early on, your lawyers should be able to complete the legal process quickly to ensure you secure the deal you want,” says Simon Manuel of Clegg Manuel Solicitors, specialists in residential property transactions. “Typically, we need to receive documents such as a current Building Insurance Certificate, a Planning Permission and Buildings Regulations Completion Certificate for any alterations which have been carried out to your property. If you are renting out the property, we’ll also need a copy of the tenancy agreement.”