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btl morgage runs out in aug 09

deano72_2
deano72_2 Posts: 786 Forumite
in Mortgages & endowments
my current deal is due up in aug so need to know how to go about a new morgage...is it best to get quotes now,do they honour them for a certern period?also iv herd horror stories that the fees for a new btl morgage is steep,around 3-4k :eek:

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Now would be a good time to start looking.
    Offer validity varies lender to lender.
    Speak to a decent broker who can find a suitable product for you. (Also check what your current lender will offer you)
  • socrates
    socrates Posts: 2,889 Forumite
    deano72 wrote: »
    my current deal is due up in aug so need to know how to go about a new morgage...is it best to get quotes now,do they honour them for a certern period?also iv herd horror stories that the fees for a new btl morgage is steep,around 3-4k :eek:

    What is your LTV - what will your new rate be (SVR) - who is your lender?
  • BoilerBoy
    BoilerBoy Posts: 39 Forumite
    deano72 wrote: »
    my current deal is due up in aug so need to know how to go about a new morgage...is it best to get quotes now,do they honour them for a certern period?also iv herd horror stories that the fees for a new btl morgage is steep,around 3-4k :eek:

    I'm in the same situation, and to be honest, I'm crapping myself about it.
  • hearts
    hearts Posts: 1,191 Forumite
    It depends, as said above, on 2 things. Your LTV and your present lenders SVR. A couple of mine recently ran out and I moved on to BOE +2% so quite happy at the moment. Obviously when rates rise again things could get tricky.
  • deano72_2
    deano72_2 Posts: 786 Forumite
    socrates wrote: »
    What is your LTV - what will your new rate be (SVR) - who is your lender?

    ltv = 81% my current rate is 5.4% but i cant remeber what it will be when it runs out in aug,it will track the base rate but dont know how much above,will have to find out.....halifax are my lender
  • deano72_2
    deano72_2 Posts: 786 Forumite
    hearts wrote: »
    It depends, as said above, on 2 things. Your LTV and your present lenders SVR. A couple of mine recently ran out and I moved on to BOE +2% so quite happy at the moment. Obviously when rates rise again things could get tricky.

    i will be better of at the mo because of low BOE rates,but like you if/when they go up then not so good
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