Buy to let remortgage.

ScoobyZ

Currently with Birmingham Midshires at 5.69.

Value of property: £140,000 - £145,000

Mortgage: £106,000

so deposit of approx 25%

Have been looking around for hours and have seen one that takes my eye:

C&G fixed 3.99 until 31/03/2007 then plus 1.19% until 31/03/2010 no valuation if apply online.£599 seet up fee. Hope to sell property in 2010 so time wise is good.plus their redemtion fees arent too high should I need to sell / remortgage earlier

1. Max LTV 85% (subject to bureau score). 2. Not more than 3 let properties with LTSB Group. 3. Plus 50% of expected rental income or 125% of the monthly interest only payment. Property must be of good quality & A1 condition and not divided into separate units. 5. Must be professionally managed. 6. Should be assured shorthold tenancy. 7. Lender charges interest on a daily basis. 8. Scheme is Bank of England Base Rate (currently 4.50%) with 0.51% discount until 31/03/2007 then plus 1.19% until 31/03/2010. 9. Purchase only. 10. No valuation fee to pay if you apply on-line.


Can you let me know of any better ?

titewad_2

ScoobyZ wrote:

Currently with Birmingham Midshires at 5.69.

Value of property: £140,000 - £145,000

Mortgage: £106,000

so deposit of approx 75%

Isn't it your LTV thats approx 75% ? rather than your deposit??

ScoobyZ

Opps yep, for a moment there I thought I had some advice

ScoobyZ

Pretty Please ?

HelpWhereIcan

I would suspect that the reason that replies have been a little thin on the ground is that there are so many variables, it is impossible to give advice based on the info you have posted. If you have any doubt about whether a deal suits your needs, you need to talk to a whole of maret broker who can guide you and compliment the research you have done for yourself.

However, as a ROUGH guide, I have had a quick look and based on the total you will pay (in interest and fees) over the next 4 years (ie until 2010 when you may want to sell), I would also look at:

Fixed with a tie in

Bank of Scotland 4.99 fixed 30/04/2009 then BBR + 1.2. No ties beyond 30/04/2009 (unlike the C&G deal - why be tied in on BBR + 1.19%?) - no legal fees, no valuation and arrangement fee of £599. ERCs are a little higher than C&G, but why look at deals with any ties if you may be selling within the deal period?

No ties at all

Norwich & Peterborough - 5.35 tracker for 3 years then BBR + 0.95%. No valuation or legal fees - £499 arrangement fee. Probably a better deal if you may be selling before 2010 and are happy to accept a variable repayment.

Not a reccomendation of the deals, but an indication of what else could be available. Have a word with a broker and let them do thehard work for you.

Hope this helps