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The cost of a buy to let mortgage.
Tubby4444
Posts: 4 Newbie
Hi it is my first post, hope someone can help, I am letting my house have been told I need to change the mortgage 30000 owing 2 years 2 months left on the current mortgage, it is on a fixed rate, want to pay it off asap.... am worried now about how much a re mortgage will cost? Thanks in advance! Tubby.
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Why do you have to change? Do you have a residential mortgage without consent to let?
2 years 2 months on term or current deal?
Remortgage can be tailored to your needs. No point in paying huge arrangement fees for a small mortgage as the lower rate will not save the fees in payments.
You may be better with a higher interest rate but no arrangement fees.
Remortgage legal fees will be around £500. Valuation fees may also apply.
Have a chat with a broker. Many Buy to Lets are available through brokers onlyI 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 -
Value of property ?
Presumably 2 years 2 months to end of deal term rather than mortagge term and ERCs applying (how much) ?
What are your current accommodation arrangements ?
Who is lender ? How old is mortgage ?
Who told you ?
What insurance do you have on property ?
and I forgot - what's the rental income ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Gosh that was quick. I guess £500 is ok I thought I may get stung for a few thousand! Thanks again.0
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The point is though who told you you neede to change? If you are on a deal already you will incur penalties, plus btl rates are higher with generally high arrangement fees, who are you with? Could you get consent to let?I am a mortgage adviser.You 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
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Hi I was making a general enquiry over the phone with the mortgage company and was told then. I realise I need to get different house insurance but I thought changing the whole mortgage was OTT. Ah,well.0
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I will re phone them and ask if I can get consent to let. Worth a go I reckon.0
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