Can anyone show me a better buy to let mortgage?

andycarmi

Hi forum

I'm looking at buying a flat on a buy to let mortgage and they best deals on either tracker or fixed are with cheltenham and gloucester.

4.79% tracker 75% ltv 2.5% fee.
5.29% Fixed rate 75% ltv 2.5% fee. Both are for 3 years and both have early repayment charges.

The flat is on the market for £65000 I have the 25% to put down and fee's
leaving a mortgage of £48750 the expected rate is between £350-425 per month(i've spoken to a letting agent in area and they have given me the £425 figure, I think its closer to the £350 mark myself)

It's my first time buy to let mortgage if that make any differents but I've got a mortgage on the current house we live in.

Thanks for looking and hopefully for your replies.:T

Andy

hearts

The 5.29 looks ok, but that tracker is strange. Is it tracking at 4.24 above base? If so I'd stay well clear.
Fees on both are high also.
Unless you are getting a stonking deal on the property, I wouldn't bother. All you are doing is buying responsibility with little chance of any profits in the medium term. Also after the 3 years who knows where interest rates will be. Do yourself a favour and leave it alone. Unless as I say you are getting a deal thats too good to walk from.

andycarmi

The more I think about it the tracker rate does seem to be as good as the fixed rate.

Does anyone know of any better fixed rates than 5.29% with the 2.5% fee??

I carnt seem to find any better myself.

Chippy

If you can stretch to 40% deposit, the Principality BS have a BTL at 4.99% with 2% fee.