What is the best Buy to let mortgage on the market?

JohnnyM_2

Having trawled site after site on the internet, the 6.19% fixed for 5 years with a £599 arrangement fee, free legals and free valuation seems to be the best value buy to let mortgage on offer out there.

Those with lower rates have extortionate fees.

I would be interested if anyone woudl suggest an alternative to this. I am thinking of moving a small number of my BTL mortgages over to the post office.

Thanks.

poppy10_2

Impossible to say with this little information. What value mortgage do you require, how much is the house worth, what are the rental figures like etc.....

socrates

JohnnyM wrote: »

Having trawled site after site on the internet, the 6.19% fixed for 5 years with a £599 arrangement fee, free legals and free valuation seems to be the best value buy to let mortgage on offer out there.

Those with lower rates have extortionate fees.

I would be interested if anyone woudl suggest an alternative to this. I am thinking of moving a small number of my BTL mortgages over to the post office.

Thanks.

What is your present deal - it must be very bad if the Post Office's current deal in the current economic climate can beat it.

kazza106

Coventry BS looks good at 5.25 fixed for three years and fess of aroun £2k. Only thing is you need a 60% LtV or Birmingham Midhires at 6.10 for three years but with no fees and a 75% LTV.

Is a tough market just now for us BTL LL's who have their mortgages up for renewal - I should know, I've got three coming to the end of their current deal this summer!

unite79

Kazza106 - I know its tough aint it loads of mine have come over the last 12 months, left me sitting on .25 above base !

kazza106

That's very jammy! Altho one of mine will go to 2% above base which isn't too bad.

Just annoying if you want to tie into a fixed rate.

JohnnyM_2

All
Thanks for the replies.
I just looked at the B'ham Midshires one and it appears that is for further borrowing only. All other mortgages carry a 2.5% fee!

To answer the other question, I am looking to borrow around £75k against a £100k house. Basically, I want to borrow the full 75% against what they value the house at.

I have a number of properties with mortgages all currently on variable rates where the discounted rate has finished, so I am now paying the SVR....which is an extortionate 5.97% with Standard Life.

I am keen to tie up around half my borrowing on fixed rates to limit my exposure to future rising rates and the unpredictable rip off merchants at Standard Life.

Thanks.

Alan_Cross

If you can, I would suggest remortgaging your principal residence to raise the money necessary.

There is a myth, propagated by most lenders and intermediaries, that HMRC will only accept 'official' buy-to-let mortgages as a basis for allowable expenses.

Provided the 'money trail' is clear, you can quote a proportion of your main residence mortgage as being an allowable expense.