Baffled about which rate to go with for Buy to Let!

chris163

Well I have spoken to a broker today who has come up with a good deal for me:

5.25% fixed for 2 years - arrangement fee of £1200 - this was through C&G

Not the cheapest arrangement fee but baring in mind im a first time buyer, and im under 25, and its a studio flat.....it was tough to find something.

I have put my application in so fingers crossed!

Apparantly the rental income needs to be £509 on their calculation...its currently being let for £495 a month - but we let 5 others - 2 of which are identical and are getting £520 and £530.

Do you think this will be ok? I said to the agent to put the rental income down as £510 as I dont want to be misleading.

I am really hoping it goes through ok! i dont have a bad credit and i just have a car loan for £12k, but im putting in £17k - so fingers crossed!

Apparantly their application takes 1 working day...

maryjane01

Leon_W wrote:

Northern Rock have a howitser of a term tracker. Bank of England base rate + 0.04 for the term of the mortgage ! Payrate of only 5.29%

I don't think you can get that on a residential. Now for the bad news. You can't have it. No Studios !
.

Leon, I am interested in details about this rate. I called L&C and they didn't have anything similar. It is for BTL isn't it? Is this a special offer? You can PM the details to me if you like.

Thanks!

chris163

well good news:

Got offered a mortgage today:

5.5% Fixed for 2 years + £799 setup fee - rent needed is £509 which is feasible.

Quite happy with this so going ahead

Made an offer on the flat today and its been accepted - very pleased!