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Fixed or Tracker for consent to Let
Options
tribalboy
Posts: 70 Forumite
Hi Guys
I had asked Halifax for consent to let as I was going abroad for personal reasons and they are forcing me onto a buy to let remortgage. I am currently on a Standard Variable Rate of 3.5% (£852 per month) and they are giving me 2 options
Fixed for 3 years - 5.69% with a £1500 fee (£1010 per month)
Tracker for 3 years - 6.39% with a £600 fee (£1067 per month)
Which one would you choose
I had asked Halifax for consent to let as I was going abroad for personal reasons and they are forcing me onto a buy to let remortgage. I am currently on a Standard Variable Rate of 3.5% (£852 per month) and they are giving me 2 options
Fixed for 3 years - 5.69% with a £1500 fee (£1010 per month)
Tracker for 3 years - 6.39% with a £600 fee (£1067 per month)
Which one would you choose
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Comments
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What are your current ERCs and your current LTV ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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pardon my ignorance but what is ERC.0
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Early Redemption Charge - I assumed you might still be within a deal period where these apply
Are you past the deal period and paying SVR (standard variable rate) ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
yes I am on a SVR now0
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Sorrry - missed yoru aoriginal statement about being on SVR.
At current LTV there are almost certainly (assuming no problems/complications/issues we are not aware of) better deals out there than Halifax are offering.
Contact a whole of market broker (on the BTL side rather than residential brokers generally have access to better rates than direct sales) to assist you - your going abroad may restrict your choice of lender but definitely do-able.
We've got a couple of BTL's going through at the moment at a fixed rate nearly 1.5% better than Halifax's apparent offer and much better fees (to give you an idea of what to aim for) - albeit a 2 year fix.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
My property is a special construction and only a few providers would offer a mortgage halifax being one hence the issue0
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As I said: "assuming no problems/complications/issues we are not aware of" !!
Depends on details of the construction issue - may still be possible but certainly limits it.
So to your original question - I think you've got your figures wrong !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Yes you are right there, sorry, I missed that.
well those figures were given to me by the halifax consent to let team0 -
What is the construction type?I am a Mortgage AdviserYou 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.0
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Steel framework0
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