Buy to let mortgage fees

davelees

I have recently married and have moved out of my previous address into our new house. I intend letting my old property out so will need to re mortgage to a buy to let mortgage.
What fees will I be charged if I take out a new mortgage other than arrangement fee? Will I have to pay solicitor/search fees?
Also where is the best place to look for btl mortgages?
Thanks

GMS

Have you asked your current lender for Consent to Let? They may load the interest or and/or charge an admin fee but often cheaper than a remortgage to a BTL.

Broker would be the best place for a BTL as many products are broker only.

If you change lender you may have a valuation fee, application fee and legal fees to pay.

What is the value of the current property and how much is outstanding on the mortgage? What is the expected rent per month and what is your income?

ACG

It varies from lender to lender but a booking/arrangement fee and maybe a valuation fee also.
There might be some that charge things like insurance fees if you choose to take out your insurance elsewhere but these are typically around £20.

As for where to find them, your probably best with a broker. A lot of lenders only deal with brokers for BTL mortgages.

susanmarie

Try Ascot - they are specialist BTL mortgage brokers www.ascotmortgages.co.uk

How long are you planning on renting your old house for? If its only short term, it might either be better with a consent to let or finding a buy to let mortgage without redemption fees - as paying them off early can be costly, some lenders charge around 4% see here: http://www.ascotmortgages.co.uk/buy-to-let-no-redemption-penalties

Conrad

Check your current lender first, not a broker. A broker wants you to arrange a new mortgage as it earns him money.