Best Buy to Let Interest Rate

wywywywy

TMW is for professionals only not individuals...

phlash

getmore4less wrote: »

Remember this is to asses the rent that will be counted, it will be based on single household, actual rent may not be counted even if it is more especialy if it is HMO which a house share could be even if a single AST.

I think these days assuming anything is risky

OK- I'm learning here....

Is this common across most BTL products, or is this specific to the case in question?

getmore4less

NOt all the info for BTL products is avaialble on-line, this was specific on the Barclays BTL product sheet.

new_home_owner_3

the fees on these btl mortgages are a right rip off, im just glad i havent got to get one now, hopefully in a few years they will go back to how they was.....

VIGILANT22

Professional landlords will understand arrangement fees can be offset.......Costs incurred in obtaining loan finance for a rental business are generally deductible in computing rental business profits provided they relate wholly and exclusively to property let out on a commercial basis. These costs include loan fees, commissions, guarantee fees and fees in connection with the security of a loan(ICTA88/S77 or ITTOIA05/S272).

brunel07

rl290 wrote: »

3.19% at
(That's a one year fixed for 70% LTV... 5.19% for a 2 year fixed... for stepped trackers, 4.6% for one year and then 2.6% for one year... etc etc etc....)

Principality Building Soc are offering 3.4% for a 2 year tracker or 4.6% fixed.

You don't seem to have looked very hard. Look on comparison websites and places like Charcol.

Hope that helped.

R

Hi. Ill look at charcol. Both of the amounts you posted have high setup charges, making them a much worse deal than the one I currently have.

For a two year 70% LTV im looking at averaging 5.5% including setup.

getmore4less

brunel07 wrote: »

Hi. Ill look at charcol. Both of the amounts you posted have high setup charges, making them a much worse deal than the one I currently have.

For a two year 70% LTV im looking at averaging 5.5% including setup.

Changing every two years costs money and does not protect you from rate rises.

Why not look at longer term?

brunel07

I would be planning to pay it off after 22 years, so I could stay with one company for the entire time. Ill look into this as an option.

VIGILANT22

brunel07 wrote: »

I would be planning to pay it off after 22 years, so I could stay with one company for the entire time. Ill look into this as an option.

Poor decision for basing a mortgage choice, who is to say they will stay in business for 22 years!....Look at the takeovers...ie Standard Life mortgages under Woolwich, Nationwide took over Dunfermline, Santander took over A&L!!!!

Also just because you stay with the same Company it doesn't mean you're exempt from paying arrangement fees on a new product.........

Pincher

new_home_owner wrote: »

the fees on these btl mortgages are a right rip off, im just glad i havent got to get one now, hopefully in a few years they will go back to how they was.....

Even in its heyday, BTL mortgages attracted a 1% premium over residential mortgages.

If a residential mortgage was at 4%, and the BTL 5% interest rate, and you were paying 20% income tax, you effectively end up paying 4% interest because of the tax deduction. If you were paying 40% tax, you only pay 3%, effectively.