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Anyone remortgaged a let property recently?

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!

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    edited 10 September 2009 at 10:48AM
    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 level
    I am a Mortgage Adviser
    You 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.
  • ET1976
    ET1976 Posts: 315 Forumite
    edited 10 September 2009 at 10:49AM
    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.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    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 also
    I am a Mortgage Adviser
    You 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.
  • ET1976
    ET1976 Posts: 315 Forumite
    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?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    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 adviser
    I am a Mortgage Adviser
    You 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.
  • ET1976
    ET1976 Posts: 315 Forumite
    ok thanks, will see what the Nationwide come back with next week and take it from there.
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