Lenders want out of BTL - what does that tell you?

Rick62

mickholloway wrote: »

Just spoken to Mortgage Express as my fixed term is coming to an end, The best BTL Mortgage London and Country could find me was 5.45%, up from my 3 Year fixed of 5.09% with a fee of 2.5% (£2500 ish). L&C told me Mortgage express not taking on any renewals or new business *****THIS IS NOT TRUE***** They have just offered me a new fixed term of 2 years at 3.99% no fees/costs. That saves me the £2500 plus 1.46% on what I could have been paying, plus if I decide to settle/end the mortgage in the next 2 years there is no cost. Not a long period I know but happy---- you bet I am:)

If you do nothing what rate does your mortgage go to after the fixed rate ends?

Gorgeous_George

Last time I checked teletext, Mortgage Express were top of the BTL recommendations.

GG

mewbie_2

Gorgeous_George wrote: »

Last time I checked teletext, Mortgage Express were top of the BTL recommendations.

GG

Teletext? Last time I checked teletext the Beatles had a top ten single with "Love Me Do"

chucky

carolt wrote: »

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article5516349.ece

Mortgage Express encourages customers to pay off loans

Buy-to-let lender will waive early repayment charges for five months

Mortgage Express, the buy-to-let arm of Bradford & Bingley, announced today it is waiving early repayment charges for customers wishing to pay off their mortgage between February and June this year.

Mortgage Express stopped lending in September last year and says it may not be able to offer competitive deals for existing customers. Early repayment charges are typically 1 or 2 per cent of the mortgage.

they can encourage me as much as they like but on one property i have a 0.34% above base rate product. I think I will stick with them until i can get a sub 5% fixed, once someone comes along with one of these i'll move on before rates shoot up.

have you sent this link to your landlord Carol - it may help him to get a better rate

Gorgeous_George

Thrugelmir wrote: »

Some when has one lender multipled into lenders?

As a shareholder of Bradford & Bingley (only post nationalisation) , I for one will glad to see Mortgage Express close down their mortgage book.

I like beer too but sometimes you just need to give it a miss.

Me is or it?

GG

RomansProperties

HI Chucky
Is your BBR+0.34 a life time deal or does it expire?
Will ask my broker tomorrow as I think I have the same deal as you.
Totally agree with you lets stick where we are.
You never know they might pay us to leave.
(A free City Centre Apartment!!!)

Kenny4315

I had a fixed deal at 5.35, which recently ended then 1.65 above base for the term, no penalties, etc. When I see a nice little under 5% deal fixed I'll take a bit of that and fix for as long as possible. My mortgage company are happy as Larry to have a customers like me. Once these BTL chancers are eliminated from the market over the next 6 to 9 months then it'll be a chance to make so real dough. Cheap houses and limited competition, and plenty of demand.

RomansProperties

I agree with you kenny about the demand we currently have 86 flats 100% full and people still contacting us from old adverts.
Its mainly bottom end properties like studio & 1 bedroom flats but there is plenty of demand.
Are you hopefull of new deals coming?
More people seem to be pulling out of the market at the moment?
From May to Sept we have 4 properties coming onto LIBOR+ deals and these are quite a bit better than our current fixed ones

Kenny4315

At the end of the day business is business, once the dross is removed from the market, those left will present little or no risk, and should be able to get some good deals.

It will depend on the numbers when the bottom of the market is reached, as to who will be around, ie the remaining equity, etc

RomansProperties

Still think its going to take a while before it gets down to proper business for buytolet.
We are just concentrating on finishing off property we left from before to get that let and see what happens towards the end of the year.