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    Converting residential mortgage to Buy-to-Let
    • #1
    • 28th Mar 11, 5:58 PM
    Converting residential mortgage to Buy-to-Let 28th Mar 11 at 5:58 PM
    Please help!
    My husband and I are emigrating, and want to let out our flat rather than sell in this market.

    When calling our existing lender (Halifax) we were told that, as we had come off our fixed rate and were now on the variable, we'd need to convert to a Buy-to-Let rate and provided quotations.
    I've also looked elsewhere for a better option (through a broker) - the best being with The Mortgage Works - but the fees that go along with this are astronomical...

    I'm not just talking about the 2.5% arrangement fee, but the Valuation fee at 390, plus conveyancing fees (I've been quoted 499).

    Is it just me, or are these fees ridiculous? I'd always thought a valuation was 150...
    Are there other 'hidden' fees that I dont know about? What have other people paid?

    Any advice anyone can give me would be amazing.

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