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Best buy to let mortgage 4.95% with £2000 arrangement fees?

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does the arrangement fee not sound too high?
i know of a family who a few months back (ok so the rates had not really risen then) that borrowed at 4.7% with arrangement of £1100 (think it was Chelsea bank) . arrangement fee seems to make a bit more sense.
I imagine that if the bank rate is at 5% then the bank is not making any money apart from on the arrangement fee (?) and maybe the solicitors fees which are £495 approx.
also should i use my own solicitor (think he would be max £200) and thought the service was very good in the past.
any tips appreciated. thanks in advance

Comments

  • Rick62
    Rick62 Posts: 989 Forumite
    This is actually a great deal, if the mortgage amount is large. I would say at about the £200 to £250k level. The other deal that I think is reasonable, and probably better value below about £200k is 5.45% fixed for 3 years with a £799 fee. These are both with Cheltenham & Gloucester, but end this Wednesday.
    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.
  • Rick62
    Rick62 Posts: 989 Forumite
    This is actually a great deal, if the mortgage amount is large. I would say at about the £200 to £250k level. The other deal that I think is reasonable, and probably better value below about £200k is 5.45% fixed for 3 years with a £799 fee. These are both with Cheltenham & Gloucester, but end this Wednesday.
    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.
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