Best buy to let mortgages on the market

packeted

Hi there guys

I'm looking to remortgage on my current BTL (currently on a LTV of about 50%) and raise a little capital and bring the LTV closer to 65%.

Firstly from previous conversations with HSBC it seems unlikely they will be prepared to remortgage or give me any help (as is so often the case for loyal customers) - I will take this up again with them but does anyone have any tips on negotiating with your current mortgage provider?

I know the BTL market has seen a bit of a shake up with many players pulling out. From those I've found (A&L, MortgageWorks, C&G) they're offering pretty poor interest rates (around 6-7%) with very hefty 3% arrangement fees which pretty much negates the benefit of me doing this. Does anyone have any other suggestions besides the above?

Perhaps it's worth waiting a little bit as the mortgage market gradually frees up?

Many thanks,
Francis

Mrs_Bumble

Speak to a good, independent, whole of market mortgage broker that deals with Buy to lets, that are a few other lenders out there that don't have quite that large a fee! Although still pretty pricey. The lending criteria now is very tight and differs from lender to lender so bit of a minefield, but a broker should be able to find you something.

rl290

FYI, I have also been looking and found this useful:
http://www.charcol.co.uk/best-buys/buy-to-let/
Not sure what the LTV criteria are for these though.

R

herbiesjp

packeted wrote: »

I know the BTL market has seen a bit of a shake up with many players pulling out. From those I've found (A&L, MortgageWorks, C&G) they're offering pretty poor interest rates (around 6-7%) with very hefty 3% arrangement fees which pretty much negates the benefit of me doing this.
Francis

Not sure what mortgage works rates you are looking at, at 7% with a 65% LTV

The ones I can see are a lot lower. Arrangement fees are high yes, but rates payable lower than that

_Andy_

You won't 'negotiate' with HSBC. Either you meet their criteria or you don't.

anselld

It is interesting that the stock answer to the BTL mortgage questions is allways "Speak to a whole of market advisor" whereas in ther residential market you can access fairly much the whole market directly. Not sure why that is.

Coming back to HSBC, have you asked them for an additional advance rather than complete remortgage. Their current BTLs go up to 60% LTV so I would have thought, assuming they agree with your valuation, they would let you increase to that level.

Mrs_Bumble

It is interesting that the stock answer to the BTL mortgage questions is allways "Speak to a whole of market advisor" whereas in ther residential market you can access fairly much the whole market directly. Not sure why that is.

Criteria with BTL now varies enormously from one lender to the next, and so if you speak to a broker that deals in BTL it can save the pointless credit searches, reducing the credit score etc, wasting time etc.

Treadmill

Mrs_Bumble wrote: »

It is interesting that the stock answer to the BTL mortgage questions is allways "Speak to a whole of market advisor" whereas in ther residential market you can access fairly much the whole market directly. Not sure why that is.

Criteria with BTL now varies enormously from one lender to the next, and so if you speak to a broker that deals in BTL it can save the pointless credit searches, reducing the credit score etc, wasting time etc.

Or you could just use one of the many comparison websites

Mrs_Bumble

Not all of the lenders in the B2L market appear on the comparison website.

Up to anyone what they chose to do

Just can save time and hassle, that is all, nothing covert