BTL Mortgage Rates 75% LTV

Ab1ga1l

Hello,

(I'm new so apologies if I have posted incorrectly).

I currently have a mortgage with UCB which comes to the end of its fixed rate at the end of January. I have a residential mortgage with them but in November they gave me permission to let my house for a year (I have moved in with my partner).

They have quoted me 5.26% variable (which it will automatically converts to if I don't alter it) and, have also quoted me 5.6% fixed for 2 years with £595 fee.

My mortgage it £135000 the value of the house is just over £180000.

I am considering other mortgage lenders but of course would need to get a buy to let mortgage if I move. I have a couple of questions as a novice landlord (don't worry i'm using an agency fully managed!):

Should I fix with UCB?
Or go with the variable with UCB and hope it doesn't rise too much?
Or would it be better to re-mortgage?

The BTL mortgages for 75% LTV seem to be very limited!

Just wondered if any of you super money gurus would be able to offer any wonderful words of advice?

Thank you!

Thrugelmir

Ab1ga1l wrote: »

in November they gave me permission to let my house for a year

What happens to your UCB mortgage in a years time when the CTL ends?

Ab1ga1l

Hi Thrugelmir,

I can apply again in November and potentially get accepted again for another year (they tend to just allow it for one year at a time), but this isn't guaranteed.

Thrugelmir

Ab1ga1l wrote: »

Hi Thrugelmir,

I can apply again in November and potentially get accepted again for another year (they tend to just allow it for one year at a time), but this isn't guaranteed.

Hi,

I asked as UCB are part of Nationwide. NW have tightened their rules in the past year.

The danger with UCB's variable rate is that it will increase as BOE base increases in the future.

Post Office were recently offering competitive BTL mortgages.

Ab1ga1l

Thanks very much, I'll check the post office BTL out

The variable did seem a tad risky with UCB.