Best Buy to Let Interest Rate

VIGILANT22

brunel07

No friendly advice here, only friendly opinion.....

brunel07

Either way its appreciated

getmore4less

Barclays need 60% but have better deals overall.

They also have a 3 property portfolio option
60%LTV 1.25% fees 3y fix at 5.49 with base+2.49% follow on

Looks like they want 125% rent cover based on single houshold so may not be keen on HMO.

That might be worth investigating further if you are ready to change your other BTL mortgages and have 2 of them to go with this one.

VIGILANT22

[QUOTE=getmore4less
Looks like they want 125% rent cover based on single houshold so may not be keen on HMO. QUOTE]

What is this reference to??...where does the HMO come in here?..

Typhoon2000

These are brokers a colleague used recently and he negotiated arrangement fee down as well http://www.mortgagesforbusiness.co.uk/content/BuyToLet/BestBuyTable/AllRates.aspx

VIGILANT22

Typhoon2000 wrote: »

These are brokers a colleague used recently and he negotiated arrangement fee down as well

Do not believe remark re arrangement fee........

getmore4less

VIGILANT22 wrote: »

[QUOTE=getmore4less
Looks like they want 125% rent cover based on single houshold so may not be keen on HMO. QUOTE]

What is this reference to??...where does the HMO come in here?..

You can't use the actual rent of an HMO it would be the rent as if it was a single household which will typicaly be lower.

phlash

I thought you can use the rent of an HMO if it is let out under an AST?

Are you not referring to an HMO if it was let as separate rooms?

An HMO by definition is only 3 or more unrelated people living together and sharing amenities. That group of people can still sign an AST, and therefore the rental income on this basis is acceptable imo.

VIGILANT22

getmore4less wrote: »

VIGILANT22 wrote: »

You can't use the actual rent of an HMO it would be the rent as if it was a single household which will typicaly be lower.

Ye..The Barclays criteria is:

Rental Cover
Please note that an assessment of the market rent based on a single household will be provided as part of our valuation and it is this figure which will be used to actually underwrite the loan.

Conrad

:rotfl:

Typhoon2000 wrote: »

These are brokers a colleague used recently and he negotiated arrangement fee down as well http://www.mortgagesforbusiness.co.uk/content/BuyToLet/BestBuyTable/AllRates.aspx

This is utter fantasy land. You really think a broker can pick up a hot line and have say the Nat West negotiate thier fees?:rotfl:

Can you imagine if the Daily Mail compensation calls; "Nat west reduced fees for customer x, make sure you (ie 10,000 other customers) get compensation for having overpaid".

Also to ammend product details would cause a massive amount of back room work for legal and fiscal divisions, IT, futre 'reconsiliation' systems etc

Your freind is neave (that or you are a shyster broker second hand carsalesman type - haven't you lot fked off yet?)