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Buy to let interest rates
gtt184
Posts: 23 Forumite
Our fixed rate for our buy to let is ending in May.
We just called Paragon and they said that interest rates have actually risen and the bets they could over is fixed is 3.9%.
We are currently on 3.5%
Is this normal at the moment? They said to leave it til May and then call again as they change a lot
We just called Paragon and they said that interest rates have actually risen and the bets they could over is fixed is 3.9%.
We are currently on 3.5%
Is this normal at the moment? They said to leave it til May and then call again as they change a lot
0
Comments
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Lenders can offer whatever new business or retention products they like, or offer none of the latter at all.
You need to establish your loan to value and look at the retention offers compared with those for a remortgage.
Be careful as the recent PRA rule changes may impact your affordability with some lenders moving from 125%/5% to 145%/6%.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks. Our interest only buy to let mortgage is for £145k and the house is worth £230k.
We are getting £775 rent a month. What do you think?0 -
Sometimes it all seems too much hassle. Wish we just had that equity sat in our bank!0
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That is going to be difficult from the point of view of affordability as it doesn't fit at 125%/5.5%.Thanks. Our interest only buy to let mortgage is for £145k and the house is worth £230k.
We are getting £775 rent a month. What do you think?
Can only suggest you speak to experienced broker.
Your personal financial position is also taken into account now with lenders basing part of their lending approach to your tax rate (due tot he forthcoming changes to landlord taxation over the next couple of years.)I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
ThanksThanks. This is my worry. So it's not impossible but will be trickier?
The rules have totally and utterly changed since we did this 3 years ago :-(
Might be best just to sell it in a few years and stick with paragon in the mean time.0
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