Seeking Advise on Remortgage

mellomello

My wife and I are both 49 and currently have a joint Buy to Let fixed rate mortgage with Mortgage Express and they are offering not to apply the early redemtion fee if we move our mortgage

Current Mortgage rate is 6.99% and is fixed to March 2011. We would revert to ME's "Buy to Let product Variable Rate" on completion of this period.

Current Value of Property is circa £150,000. Redemption of mortgage would be circa £97,000.

The property is tenanted by an older family member so we only recieve a relatively low income which is supplemented by other family members.

If possible we would like to raise some capital, our current mortgage repayments are £785.97.

Can someone advise the best mortgage we can go for. We would like to keep our payments to an absolute minimum so would consider interest only.

Not sure if its important but we do have another property that we let with a mortgage with Verso.

Thank you, let me know if you need any further information.

herbiesjp

You are currently at around 65% LTV - assuming your valuation is spot on.

At those levels you could get a goo deal

If you go above i.e. by raising extra funds, the rates may not be as good.

Being let to a family member also reduces the number of options available - as not all lender will do regulated BTLs (which is what it would have to be)

Lastly, the going rental rate on the market would need to support the new mortgage amount needed - which in the current market may only happen with one of the lower rates (but with the higher fees)

I think you should really discuss this in detail with a whole of market adviser, as this is not as straightforward as it seems

mellomello

Thanks for the advice but

1.Wheres the best place to find a good Whole Market Advisor?

2.What would be a good Buy to Let mortgage rate that I could obtain now?

herbiesjp

1) Can you ask friends or family?
2) Mid 3%s upwards - depending on fees you want to pay and eligibility for deals and LTV bands etc

Anon

Martin's mortgage and remortgage guides are sponsored by London & Country - see http://www.lcplc-online.co.uk. Moneyfacts also gives you an idea of the currently available deals http://www.moneyfacts.co.uk/money/mortgages/5/buy-to-let-mortgages.aspx

Anon