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Anyone remortgaged a let property recently?

ET1976
Posts: 315 Forumite
I currently have a mortgage with Nationwide which I took out when I lived in the property. Now I rent it out and they gave me consent to let initally for 3 years, without changing the interest rate (its just their standard rate, not a special deal). That 3 years is about to come to an end and I think they will now put the rate up, judging by the mortgage rates they are currently offering.
So probably looking around for a remortgage. Just wondering if anyone has found any good deals recently?
Loan would be 60k, or just under, which is about 30% of house's value, with current rental income £800/month.
many thanks!
So probably looking around for a remortgage. Just wondering if anyone has found any good deals recently?
Loan would be 60k, or just under, which is about 30% of house's value, with current rental income £800/month.
many thanks!
0
Comments
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At that LTV and rental income you should be fine with a standard BTL deal with a BTL lender.
Pretty good deals as well, at that levelI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
who are BTL lenders? sorry to be ignorant but I have not done this before, and Nationwide themselves don't appear to offer BTL mortgages.0
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BTL = Buy To Let
A property that is let out, and so you need a BTL mortgage on it, if your current lender will not give consent to let again, or offer a not very good deal
The Mortgage Works are one such company, BM solutions alsoI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
thanks, I did know what BTL itself was :-)
do any of the 'household names' like Alliance and Leicester etc do BTL mortgages or do I need to go to a specialist? and if it's a specialist will I have to do it online? assuming they don't have branches you can go into?0 -
Some high street lenders can help, however currently the specialist BTL lenders appear to have the better deals/criteria.
You would probably be better off going via a whole of market mortgage adviserI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
ok thanks, will see what the Nationwide come back with next week and take it from there.0
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