We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
55K buy to let mort, best deals please?
Cashby
Posts: 61 Forumite
Hi, I have a buy to let mort coming up for redemption early september with Abbey. I only need a mortgage of £55K. The property is worth about £230 K. I have been offered 1% over base rate + £75 set up and £225 final fees ie 5.7%. No redemption or repayment penalties - which I want.
Can anyone beat this offer from Abbey please?
Can anyone beat this offer from Abbey please?
0
Comments
-
I'm not sure to be honest, but mortgages are not jsut about rates and fee's a lot of it depends on your personal situation and plans for the future. A good advisor should be able to sort you out with a good deal once your circumstances have been assessed, or if they can't find anything better than the abbey deal they will tell you that.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.0 -
The fees look good but the rate looks high!
Is there no valuation fee?
I got a lower rate from Natwest but the fees were 499+valuation. They do do lower fees if you are prepared to tie in for 2 years.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
What term have you got it over and do you have it on Int Only or C&I?I 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
-
It is interest only that I need. I don't want to be tied in as I am likely to pay the whole lot off in the next few years. There is no valuation fee as I already have the mortgage with Abbey.0
-
There are lower rates, however as the loan amount is relatively small the fees incurred will impact heavily on whether or not moving to a different lender will be worthwhile.
Have a word with a whole of market adviser to see what is on offer, and then if it is worthwhile to move lenderI 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 -
wouldn't the other income be taxable if the rent covered more than mortgage payments by over a certain percentage?0
-
wouldn't the other income be taxable if the rent covered more than mortgage payments by over a certain percentage?
There is no point paying a higher rate just to avoid paying tax. Better to keep 40% of something than 100% of nothing.
Also, you can secure funding for the rest of the equity elsewhere eg from loans on other property etc.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
oh i see - so someone wouldn't be best just to do 85% LTV, when they only needed to do 40% mortgage?0
-
read the thread on the "cutting tax" board about income from buy-to-let. The loan doesn't have to be secured on the property to be tax deductable.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
ok will do thanks
i was just thinking if someone put down say a 60% deposit in cash, whether income would be deductable on that part as their isnt a commitment on it0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards