We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
What to do next?
Lou_Lou_Donut
Posts: 8 Forumite
Hi all,
My fixed rate term with Nationwide is shortly coming to an end, and as it was secured prior to 2009 it will revert to BMR which tracks 2% above base rate. On the face of it seems quite a good deal at the moment
However, I am currently renting the house with the lenders permission which continues for the next 2 years. Now the question is, is it actually worth me shopping around looking for an alternative provider, not that there are many better deals for 65 to 75% LTV at present, or are lenders likely to perceive that the property is now a buy to let, and provide an interest rate accordingly??
Any thoughts/experience?
Lou Lou
My fixed rate term with Nationwide is shortly coming to an end, and as it was secured prior to 2009 it will revert to BMR which tracks 2% above base rate. On the face of it seems quite a good deal at the moment
However, I am currently renting the house with the lenders permission which continues for the next 2 years. Now the question is, is it actually worth me shopping around looking for an alternative provider, not that there are many better deals for 65 to 75% LTV at present, or are lenders likely to perceive that the property is now a buy to let, and provide an interest rate accordingly??
Any thoughts/experience?
Lou Lou
0
Comments
-
As long as Nationwide is happy for you to let out, and you are happy on the tracker deal, I'd stay put.
2.5% (with no fees) on a BTL deal is not going to happen, plus you have no fees to revert to that rate, and no more tie-ins, so full flexibility.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 -
Little point in changing lenders as you won't obtain a rate such as you have now.
Consider carefully the longer term as the NW will impose a higher interest rate once 3 years of letting has elapsed.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards