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    • 49IM
    • By 49IM 19th Jun 17, 8:04 PM
    • 42Posts
    • 7Thanks
    49IM
    At the end of a BtL mortgage deal, does one have special retention offers?
    • #1
    • 19th Jun 17, 8:04 PM
    At the end of a BtL mortgage deal, does one have special retention offers? 19th Jun 17 at 8:04 PM
    ...or are we back to square one and choosing from the same options we did originally?

    If I will have to slap a new £2000 arrangement fee onto my mortgage every 24 months then that does rather go in the wrong direction, and makes high-rate (3%ish) 5yr fixes very close to break-even with a much cheaper 2yr)

    So I'm wondering if, in fact, lenders tend to offer "continuing" customers sweeter deals without significant new fees and such?
Page 1
    • Thrugelmir
    • By Thrugelmir 19th Jun 17, 8:25 PM
    • 55,802 Posts
    • 49,169 Thanks
    Thrugelmir
    • #2
    • 19th Jun 17, 8:25 PM
    • #2
    • 19th Jun 17, 8:25 PM
    Product fees are simply a means of attracting a particular market segment of customer, i.e. larger mortgage balance. No sentiment when it comes to lending. Choose from what on's offer or move elsewhere.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • Lilla D
    • By Lilla D 19th Jun 17, 9:18 PM
    • 316 Posts
    • 161 Thanks
    Lilla D
    • #3
    • 19th Jun 17, 9:18 PM
    • #3
    • 19th Jun 17, 9:18 PM
    Choose from what on's offer or move elsewhere.
    Originally posted by Thrugelmir
    Thrugelmir is right, whatever your current lender offers, that's what you can choose from if you want to stay with them or you can go to another lender and start afresh.

    Some lenders offer special deals to their existing customers, others don't. It just depends on the lender and what's available at the time.

    You are also right that in many cases choosing a 5yr fix works out pretty similar overall compared to remortgaging every 2yrs with a £2k fee. If you plan to keep the property, you might as well take a 5yr deal, just factor in the tax changes that are phasing in and how they affect your cash flow.
    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.
    • amnblog
    • By amnblog 20th Jun 17, 7:55 AM
    • 10,004 Posts
    • 3,893 Thanks
    amnblog
    • #4
    • 20th Jun 17, 7:55 AM
    • #4
    • 20th Jun 17, 7:55 AM
    Don't forget that the fees are tax deductable so less painful that they first appear.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
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