BTL Mortgage

macgirl

Hi all
We have our former home on a BTL with Birmingham Midshires on a 2 yr fix until this September.
We got the deal through a broker, but obviously rates have fallen during this time and I want to save the fee and deal direct. Have just noticed that BM only deal with brokers now, so will look elsewhere.


Can anyone tell me how long BTL mortgage offers are valid for please? I know I'm a bit early, but want to star shopping around now.

Many Thanks

GMS

Why are you so keen to avoid a broker? There are many broker only Buy to Let deals available which could save you more than any fee would be.

macgirl

Thought I might get that response! Really we were very happy with our broker, as my DH is self-employed so needed advice. However, it was £500 (per mortgage app) so would prefer to save that this time.

Dave_Ham

Hi - Firstly, not all brokers charge a fee so do not rule it out on fee alone.

Secondly, if your existing broker got you a product that saved you £2k vs a product you would find online - is the £500 not a good investment??

The mortgage offer will be dependent upon the lender, although most typically last 3 or 6 months.

You are probably a bit early at the moment, but better to be in advance.

My personal opinion and I could open up to a raft of criticism, is that the rates will be better for you in 6 months time than now.

More traditional lenders are coming back to the buy 2 let market (albeit not too competitively at the moment) and therefore I would imagine the competition will bring the rates down - and if not hopefully at least the product fee's...!

kingstreet

Plenty of brokers would take the commission on a simple BTL (£400 to £450) and wouldn't feel the need to charge a fee on top of that.

Have a ring around and ask.

ACG

if its a straight forward remortgage as kingstreet says, commission alone will probably pay the advisor. There are very few direct only mortgages on BTL, so chances are even paying the fee you would be better off doing it that way.