help sorting out a BTL mortgage

mrmentortheinventor

i have checket out a few lenders web pages and read a few topics here without something decent so hopefully one of the members here can help

i currently have a buy to let mortgage and stay at my parents so not really any other outgoings

the property is worth 185k possibly more,with an outstanding balance left of just under 128k which gives a ltv of 70% ish

my current lender has me on the following
term left = 31 years
interest rate =5.45% and some at 5.79% (mortgage was split a few years back)
they have ltv at 75%
currently paying 725 per month

i called them and there proposed new deal is
2 year fixed rate
4.29% interest
payment would be 628
245 fee and 1250 completion fee

my rental income is 725, the letting agent takes 9% which gives me 641 per month

i checked else where and the set up fees seem to be 2% or more which seems alot

whats the best idea for me ? i could fix the term to no more than 3 years as i wouldnt feel comfortable with more than that

does any lender do fee free lending ,i couldnt find any
hopefully someone can give me the best option
thanks in advance for the help,much appreciated

Thrugelmir

mrmentortheinventor wrote: »

whats the best idea for me ?

Evaluate whether your capital would be better invested elsewhere.

For such a marginal "profit". You are taking all the risk. With limited upside.

mrmentortheinventor

hi,
i had planned on keeping the house and moving back in in a few years

mrginge

You are making a loss and paying interest for the priviledge.
Unless your telling me that the value is going up by 10% pa it doesn't sound like much of a plan to me.