New BTL mortgage.

Printer

Hi,

My current BTL mortgage ends at the end of August. I will go from 5.29% fixed to variable 2.5% for 2 years. I prefer to be on fixed but can see the 2.5% being beneficial for a period of time.
My problem is that looking online its hard to find BTL mortgage deals. Most companies don’t seem to advertise them.

Can anyone give advice on who has some good fixed deals at the moment?

GMS

You wont find a new deal with a rate anywhere near that.

If you want a full comparison of the BTL mortgage market you should speak to a broker. Many lenders are broker only.

Jimbo1976

2.5% variable is astoundingly good. However it won't stay that low forever. I presume it is linked to the base rate? Are there any early repayment charges during this 2 years, are you sure it is just for 2 years?

As GMS suggests speak to a broker as the vast majority of BTL lenders distribute solely through them.

Printer

Thanks for the repsonses.

My paperwork only states 2.5% variable for 264 months (the rest of the term).

It doesn't state it is linked to the base rate but i assume it must be.

I think i may just carry on with that for a few months...

Jimbo1976

Which lender is it with? Don't assume it is linked to the base rate unless it says so. D you have your original illustration as that should tell you what rate it reverts to. Quite a lot of old buy to let rates do revert to base rate trackers.

Eventually it will go up but in the meantime enjoy paying such a low rate.

Printer

It is with C&G. I only begun this in 2009 so it is relatvely new.

I will look at my paperwork in more detail to see if i can find it.

My biggest problem is time! Just so busy with everything i never have the time or energy to get stuck into it!

somethingcorporate

You may find that whatever that rate was variable with has changed since you signed your paperwork so the rate you drop on to will not be what you currently expect.

Check their website or give them a call (the SVRs are usually well buried on their sites).