85% buy to let mortgages return.

[Deleted User]

Conrad wrote: »

New range of Buy-to-Let products launched from Kensington today

· Rates start from 5.24%
· Max 85% LTV
· 2 & 3 year fixed rates available
· Arrangements fee 2.50% or £1,499 (dependent on product)
· New build flats accepted (up to 65% LTV)
· Rental calculation 120% @ payrate
· First time landlords accepted
For further details visit www.kmc.co.uk to download a BTL product guide or contact the Broker Support Team on 0845 130 2223

These rates aren't that good, but the interesting thing is the LTV. BTL mortgages were typically 80 or 85% LTV for many years prior to the crunch. Now is a good time for landlords and it looks like the lenders are starting to respond to the fact.

IveSeenTheLight

[quote=[Deleted User];41024172]These rates aren't that good, but the interesting thing is the LTV. BTL mortgages were typically 80 or 85% LTV for many years prior to the crunch. Now is a good time for landlords and it looks like the lenders are starting to respond to the fact.[/QUOTE]

Youv'e got to wonder if lenders prefer BTL to owner occupancy mortgages.

They certainly stand to make more money with the arrangement fee's and rates.

[Deleted User]

IveSeenTheLight wrote: »

Youv'e got to wonder if lenders prefer BTL to owner occupancy mortgages.

They certainly stand to make more money with the arrangement fee's and rates.

I suspect they will in the short term although I don't know.
With there being strong rental demand at the moment, I suspect that helps mitigate some of the uncertainties in the economy that otherwise increase their risks.

It will be interesting to see if any of the bigger lenders follow suit as then competition should drive down the fees and rates.

PasturesNew

Graham_Devon wrote: »

It only seems to be financial services that charge you if you want to use their services, and then charge you again for the service.

Dentists do it too, charged for a check up to see if you need actual work doing.

And opticians.

In fact, loads do. Call out fees for most tradesmen.

I don't agree with it, just saying it's not just financial services.

AD9898_2

Conrad wrote: »

New range of Buy-to-Let products launched from Kensington today

· Rates start from 5.24%
· Max 85% LTV
· 2 & 3 year fixed rates available
· Arrangements fee 2.50% or £1,499 (dependent on product)
· New build flats accepted (up to 65% LTV)
· Rental calculation 120% @ payrate
· First time landlords accepted
For further details visit www.kmc.co.uk to download a BTL product guide or contact the Broker Support Team on 0845 130 2223

With Conrad quoting this as some kind of 'great deal' it's clear that that as a mortgage broker, he'd sell pretty much anything to line his pocket, regardless.

Good job for him he's anonymous on here otherwise he'd be completely discredited, my I say to anyone thinking of using a broker, beware. They're are only in it for themselves with little thought of the havoc they leave behind as they 'trouser' the fee.

Sibley

The thing is the house will increase in value over time. The setting up fee will be swallowed up in profit anyway. You won't lose with BTL when you get a deal like this.

DaddyBear

Sibley wrote: »

The thing is the house will increase in value over time. The setting up fee will be swallowed up in profit anyway. You won't lose with BTL when you get a deal like this.

:rotfl::rotfl::rotfl:

Buy a few then Sibley and see just how quickly you drown in debt and negative equity.

doire_2

Sibley wrote: »

The thing is the house will increase in value over time. The setting up fee will be swallowed up in profit anyway. You won't lose with BTL when you get a deal like this.

Well why dont you go for it then? Or do you just talk the talk?

Sibley

Well why dont you go for it then? Or do you just talk the talk?

I would if I lived in UK. I hope I could do better than that deal though.

Thrugelmir

[quote=[Deleted User];41026792]It will be interesting to see if any of the bigger lenders follow suit as then competition should drive down the fees and rates.[/QUOTE]

Better rates are available. However one lender requires the applicant to have an income of over £40k a year to access them. So excludes the majority.