Can I just get a standard vanilla SVR mortgage?

RSutton_2

Hello, I'm looking around for some advice but I don't seem to be able to find the answer to this question.

My fixed rate buy-to-let mortgage deal comes to an end soon and my option with the current lender is to transfer to their standard variable rate as they do not have any buy-to-let products available.

Their rate is 5.79% which seems a lot higher than most lenders standard variable rate.

I could take out a tracker or another fixed rate but given the fees most lenders want for these products I would rather move to another lender until other products become available.

So my question is: can I simply move lenders and take out a mortgage with someone else on their standard rate? Would this work for a buy-to-let mortgage? Who has the lowest standard rate at the moment?

Thanks in advance.

luckyfool

You are with Chelsea Building Society I take it? Most lenders will either not do new mortgages that go straight onto their SVR, or will only offer their SVR for existing mortgage customers (e.g. Coventry). You will need to do a full BTL remortgage. Fees will vary from around £500 to £1500, up to 3.5% of the loan amount and rates will start at around 2.99%. The lowest long term reversionary rate for a NEW Buy to Let mortgage is 2.99% but you would need to go onto a fixed rate for 2 yrs first anyway and this is available from 60% loan to value. There are lenders that will offer a lifetime variable rate from day one with rates starting at around 4.5% for that, but again you will still have fees to get it. You are going to be best speaking to a good broker to see what is available.