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Current good Buy2Let remortgage interest rate?
jet77
Posts: 1,586 Forumite
Hi,
I had to move from my home due to a lot of personal problems and have rented it out. My mortgage is with the Halifax and they moved it over to a 'Consent to Lease' mortgage fee free with no tie-in period at 7.25% on a tracker on 20th March. I have 23yrs 2 months left and £89,155.21 outstanding. I would like to know if anyone thinks that this is too high. I have looked at the Ing Direct thread and know they don't do Buy to Let but understand that a good rate at the mo is about 6.19% (?). Can anyone advise me whether this is right?
I rang the Halifax tonight and was told that on the screen its still showing up as being on 5.49% even though I'm paying interest at 7.25% and is going to contact the business centre to query it. I said that I was going to remortgage unless they are going to drop it.
Luv,
A confused jet!! x
I had to move from my home due to a lot of personal problems and have rented it out. My mortgage is with the Halifax and they moved it over to a 'Consent to Lease' mortgage fee free with no tie-in period at 7.25% on a tracker on 20th March. I have 23yrs 2 months left and £89,155.21 outstanding. I would like to know if anyone thinks that this is too high. I have looked at the Ing Direct thread and know they don't do Buy to Let but understand that a good rate at the mo is about 6.19% (?). Can anyone advise me whether this is right?
I rang the Halifax tonight and was told that on the screen its still showing up as being on 5.49% even though I'm paying interest at 7.25% and is going to contact the business centre to query it. I said that I was going to remortgage unless they are going to drop it.
Luv,
A confused jet!! x
JUST DO IT ONE BRICK AT A TIME
PROUD TO BE DEALING WITH MY DEBTS
Weekly Budget: groceries£50/petrol£50/Unnecesary£15
DEBT PAID = 58% (£4,212/£8216):T
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Comments
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How do u delete a post? JUST DO IT ONE BRICK AT A TIMEPROUD TO BE DEALING WITH MY DEBTSWeekly Budget: groceries£50/petrol£50/Unnecesary£15DEBT PAID = 58% (£4,212/£8216):T0
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Hello. You will certainly have to sort this one out dear, as it sound as if Halifax have not yet up dated their records.
The 7.25% does sound rather high but you may have done this rather hastily before checking out other rates. Certainly the ING Direct product at 6.19% will save you money but will it fit your criteria?
You can either go it alone or employ the services of a good whole of market mortgage broker.
Luv
LipstickI 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 -
I had no choice at the time because I had no 10-15% deposit and the property has only built up 7000 equity.JUST DO IT ONE BRICK AT A TIMEPROUD TO BE DEALING WITH MY DEBTSWeekly Budget: groceries£50/petrol£50/Unnecesary£15DEBT PAID = 58% (£4,212/£8216):T0
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Hello. You should check your existing mortgage details with Halifax thoroughly including all redemption penalties, as this might dissuade you from exploring the potential remortgage mentioned.
Luv
LipstickI 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 -
Are u sure your a mortgage advisor? I'm not and everything you've posted I already know.JUST DO IT ONE BRICK AT A TIMEPROUD TO BE DEALING WITH MY DEBTSWeekly Budget: groceries£50/petrol£50/Unnecesary£15DEBT PAID = 58% (£4,212/£8216):T0
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Hello. What would like to hear?
I’m sorry that I’ve disappointed you
Luv
LipstickI 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 -
As you have posted that there are no redemption penalties, you could consider a remortgage but the conflict of interest rates is a stumbling block here.
A good indicator to what interest payments you are paying would be the monthly cost:
1) A £89,133 repayment mortgage @ 7.25% over 23 years would cost £664.72 per month.
2) A £89,133 interest only mortgage @ 7.25% over 23 years would cost £538.64 per month.
3) A £89,133 repayment mortgage @ 5.49%% over 23 years would cost £569.44 per month.
4) A £89,133 interest only mortgage @ 5.49%% over 23 years would cost £407.88 per month.
What are your payments?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Thx JoeK.
My repayments are 664.72 p/m.JUST DO IT ONE BRICK AT A TIMEPROUD TO BE DEALING WITH MY DEBTSWeekly Budget: groceries£50/petrol£50/Unnecesary£15DEBT PAID = 58% (£4,212/£8216):T0 -
I love it when a good plan comes together.
There you have your answer.
Go for the remortgage!.
I'm sure that you can get a better rate than 7.25% subject to assessment of the rental income.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
remember to allow for the fees thoughAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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