BTL Best Deal?

TepidWater

I've posted several times on this forum and always received good advice. So here we go again.

If anyone is really bored, they can take a look at my previous posts. For the rest of you good folk, I'll summarise.

We've just secured a 5 yr fixed rate deal with HSBC on £164k for £705pm IO on our residential mortgage.

We have a rental property (also on interest only) for £75k at £380pm SVR BTL. We've got decent tenants in (since July 2006) who have indicated that they'd like to stay for the foreseeable future (past landlord experience leads me to believe they could vacate tomorrow though!) ;-)

Basically, we're after the best deal on a BTL IO mortgage of £75k (rental property value at approx. £110). I don't particularly want to pay significant fees if possible.

Our baby is due shortly and we're just trying our best to limit outgoings. Your advice would be most welcome.

Also, our residential mortgage is in joint names whilst the rental mortgage is only in my wife's name. Would there be any mileage in putting both houses in joint names? Tax info: I gross £50k pa and my wife £25k.

herbiesjp

You should have plenty of options, including ones offering free legal fees and valuations.

What is the monthly rental income on the property?

TepidWater

Thanks Herbie.

Not brilliant I'm afraid - only £425pcm

We're basically looking to cover the mortgage for the next couple of years or so.

herbiesjp

The rental cover of £425 should still be enough to give you several options to choose from

Have you seen any deals or had a broker to look at this for you?

TepidWater

Thanks again Herbie.

Not really explored options at this stage.

I appreciate the site rules regarding advice although I'd be really grateful for some direction here.