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Buy to Let Mortgages
mroofeuk
Posts: 1 Newbie
Hello,
My 3 year 4.79% fixed rate mortgage is due to end on a buy to let mortgage. I’ve had a quote from an independent financial advisor and he's supplied details of a 3 year tracker with Bristol and West at 6.25% with fees of £1,275.
I’m aware that I doubt I’ll be able to match my old mortgage but I’m sure there must be some better deals than this one. I would appreciate some advice and assistance.
The balance outstanding is £86,000 with an income of £540 and 22years of the term.
I have been contemplating letting the mortgage run into the lenders [platform funding] variable rate as outlaying £1,275 just to sign up for a 3 year tracker does not appeal to me. I’d prefer to sign up on a fixed rate mortgage but I believe rates will shortly drop.
My 3 year 4.79% fixed rate mortgage is due to end on a buy to let mortgage. I’ve had a quote from an independent financial advisor and he's supplied details of a 3 year tracker with Bristol and West at 6.25% with fees of £1,275.
I’m aware that I doubt I’ll be able to match my old mortgage but I’m sure there must be some better deals than this one. I would appreciate some advice and assistance.
The balance outstanding is £86,000 with an income of £540 and 22years of the term.
I have been contemplating letting the mortgage run into the lenders [platform funding] variable rate as outlaying £1,275 just to sign up for a 3 year tracker does not appeal to me. I’d prefer to sign up on a fixed rate mortgage but I believe rates will shortly drop.
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Comments
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I would suggest you get yourself an independent adviser who you believe...Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Why dont you communicate this with the adviser?
That means telling them what you want and what you think. They can of course show you the research behind that recommendation as well as the reasons why they have recommended it (which should match your requirements). If you dont tell the adviser your requirements, then they cannot match up the right mortgage.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The adviser has offered you the best deal, the B&W 6.25 deal has a rental payrate of 118% and it only just fits. Most BTL products have a pay rate of 125% which you wont be abole to get.
its work out like this-
mortgage amount (86000) x rate (6.25%) divided by 12 (to give montly amount) x payrate (118%)
as for the fee, its quite low because it is a % of the loan amount. Most are higher.
As much as you might disagree your adviser has offered you the best deal.I am a Mortgage Adviser
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 advisers code of conduct. Any posts on here are for information and discussion purpose only and shouldn't be seen as financial advice.0 -
Did you tell the adviser you wanted a fixed rate?0
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