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Bought To Let New Deal.

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loopy-juice
loopy-juice Posts: 150 Forumite
in Mortgages & endowments
I have a BTL with a Clyesdale Bank for 86k. Interest only and the mortgage is 385 per month whixh works out at around seven percent. It is fixed and the deal ends in August 11 where it will be reduced to 5.5%. Good deal or does anyone know of anything better? Thanks in advance....
12/12/12 Lets party!
:beer:

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Check your mortgage offer letter to confirm the rate you are paying.

    What is the property value?
    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.
  • loopy-juice
    loopy-juice Posts: 150 Forumite
    Property value 100k
    12/12/12 Lets party!
    :beer:
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    Not much choice with 86% LTV I'm afraid - and that is IF the property is valued at £100K. Therefore 5.5% looks pretty good unless you can improve the LTV or secure some (or all) of the borrowing requirement on another property.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • loopy-juice
    loopy-juice Posts: 150 Forumite
    S'ok. Clydesdale have reviewed the offer and it will be 1.45 above base rate. Happy days!:j
    12/12/12 Lets party!
    :beer:
This discussion has been closed.
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