Landlords who have incorporated their rental property business using the BICT structure have done so in order to retain competitive mortgages terms and/or avoid or defer the costs of refinancing. However, it is almost inevitable that refinancing will need to be considered at some point for the following reasons:

• Exiting mortgage term coming to an end
• A desire to lock into the certainty of fixed rates
• Capital raising to repay Directors/Shareholders loans
• Raising deposits towards the funding of further properties
• Advantageous affordability criteria for Limited company lending due to Section 24 and PRA lending rules affecting personal BTL borrowing

State Bank of India is offering a rate of 3.59% fixed for five years.