BTL Fixed question

s22jcd

Hi All,

This is my first post on here so hi everyone. Would like a little bit of advice for people in the know. Current Buy-to-let mortgage deal ends 1st April so are looking to strike a deal. At the moment got the following deal and want to no if there is a better deal on the market at the moment and who its with.

5 year FIXED rate with no extended tie in
Rate 5.69%
Arrangement fee £599 (added to loan)
Valuation fee £270, payable at outset
Redemption fee after 5 years £195
Redemption fee before 5 years is 5%
Broker fee £499, payable on completion
Mortgage term: 23 years
Mortgage amount is £140,849
Monthly payment £668 on an interest only basis
Interest type is yearly
Based on a rental income of £665 per month
Based on property value of £165,000
LTV is 85%

Any help would be much appreciated.

Thank you.

mhay_3

very competitive deal if your committed to going for a 5yr Fixed, i'd query the broker fee mind.

One thing i tend to bare in mind at the moment when i'm advising, is that in 5 yrs time the olympics are being held on our fine shores. This should in theory lead to increased public spending, and inturn interest rates rising to counteract this.

what i suppose im trying to say, and it's only my theory, is that in 5 yrs time when you leave this deal, rates could be quite high, so it maybe worthwhile considering a 3yr fixed or something similar for now.

master_ian

Hi s22...

Am looking for a BTL mortgage at the mo. MY IFA was'nt able to offer a deal as good as that...who's it with pray tell?

Cheers.

musey

I'm in the process of taking out a new BTL fixed rate deal via London & County. It's with Abbey

Mortage term 15yrs (my choice, I could have had it for longer if I'd wanted)

5yr fixed @ 5.89%

No arrangement fee

Free valuation

No broker fee

£250 cash back (handily L&C have hooked me up with a solicitor who will do the necessary for £250)

Mortage is on a property worth £85,000 & is for £68,700

Repayments £575pm

Rental £407.50pm (I have other properties that make up the shortfall as this is my "working capital money" I have no mortages on the others)

I'm allowed to make 5% overpayments penalty free each year also.

I found L&C very helpful in searching me out the best deal over the 5yrs, I spoke to Nick Bye.