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Can't decide - which LTB/BTL mortgage?
Options

5446
Posts: 15 Forumite
as detailed on another thread, i'm embarking on a buy to let (well, let to buy) mortgage on an interest only basis. i can't decide between these two:
Lender:
The Principality
Product:
0.6% discounted from standard variable currently 4.99% to give current pay rate of 4.39% until 30/09/2014
Fees:
£99 booking fee – payable on submission (non refundable)
Features:
Free standard mortgage valuation
Free remortgage legal fees
£99 cash back on completion
Overpayments of up to 10% per annum allowed without penalty
ERC:
4% of loan to be paid if redeemed prior to 30/09/2014
Monthly:
£171.94 interest only
OR
Lender:
Northern Rock Plc
Product:
5.39% fixed until 01/11/2014
Fees:
£99 booking fee – payable on submission (non refundable)
£163 valuation fee – payable on submission
No legal fees paid
Features:
Overpayments of up to 10% per annum without incurring penalty
£500 cash back on completion
ERC:
2.5% of the loan to be paid if redeemed prior to 01/11/2014
Monthly:
£209.71 interest only
any thoughts, specifically on those two?
worth a little gamble on the discount ..... with no fees etc. or the security of the fixed?
thanks.
Lender:
The Principality
Product:
0.6% discounted from standard variable currently 4.99% to give current pay rate of 4.39% until 30/09/2014
Fees:
£99 booking fee – payable on submission (non refundable)
Features:
Free standard mortgage valuation
Free remortgage legal fees
£99 cash back on completion
Overpayments of up to 10% per annum allowed without penalty
ERC:
4% of loan to be paid if redeemed prior to 30/09/2014
Monthly:
£171.94 interest only
OR
Lender:
Northern Rock Plc
Product:
5.39% fixed until 01/11/2014
Fees:
£99 booking fee – payable on submission (non refundable)
£163 valuation fee – payable on submission
No legal fees paid
Features:
Overpayments of up to 10% per annum without incurring penalty
£500 cash back on completion
ERC:
2.5% of the loan to be paid if redeemed prior to 01/11/2014
Monthly:
£209.71 interest only
any thoughts, specifically on those two?
worth a little gamble on the discount ..... with no fees etc. or the security of the fixed?
thanks.
0
Comments
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BM Solutions would suit you better. What does your broker say ?I am a Mortgage Advisor. You should note that this site does not 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 shouldnt be seen as financial advice.0
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on the mortgage of £47500 it would be about £1900 v about £1200.
so, i'm thinking of the two the principality one looks attractive as there are low fees and free legals ...... although, from what i read the free legals can sometimes be a bit of an issue due to how much the lender pays the solicitors involved.
maybe, if i've got my solicitor doing it .... it may make it easier, her fees coming out of the £500 NR cashback. but then again, there'll be a few other bits to pay for on top of the legal stuff too.
will look at the bm solutions site.
NR still a bit down on the deal though with having to pay for the valuation too!
decisions, decisions!!0
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