Best Buy to Let Mortgage

dendennis

Good evening.
just wondering what are the best buy to let deals out there at the moment?

does it work like that anymore, ie specific buy to let or is it just about getting an agreement to let on an existing mortgage?

I'm looking to remortgage a property I am currently letting - thanks in advance:)

GMS

If you are remortgaging a rented property you will need a Buy to Let mortgage.

How do you mean by 'best'?

Lowest rates carry bigger arrangement fees so you nee to make sure the fee is justified.

Speak to a broker. Many BTL mortgages are broker only.

How much do you need to borrow? What is the property worth? How much rental income per month? What is your salary?

dendennis

OK thanks.
Are there any out there for example that have an interest rate at say below 4%?
not sure it would be worth my while switching if not anyway.
ltv would be about 55%, of 270K value

GMS

There are sub 4% rates in the market but whether it works out worth paying any arrangement fees is the quandry.

Do you want fixed rates, tracker rates etc? How long for?

What is your salary? Rental per month?

dendennis

ok thanks, i'll have a search around.
just wanted to know any particular low fee, tracker i guess. i'll check the usual search sites, thanks

GMS

dendennis wrote: »

ok thanks, i'll have a search around.
just wanted to know any particular low fee, tracker i guess. i'll check the usual search sites, thanks

You haven't answered a question twice, regarding salary.

Be aware that many lenders want a minimum of 25k so make sure you fit criteria. Similarly you didn't answer the rent. Use a rate of 6% @ 125% of mortgage payment as the minimum for calculations.

Comparison sites won't go into criteria.

As stated many BTL mortgages are broker only so almost certainly worth speaking to a broker.

dendennis

OK thanks GMS.
salary 35-40k. rent is £1400pcm (yes, its London).

Could you please explain more what 'broker only' means. Is the product not available direct to an individual?
Could you give an example of such a mortgage? lender name and product ref? (ideally low interest rate and fee sub £2k)
Oh, and tracker, or fixed 2years or less with no extended ERC
thanks

GMS

dendennis wrote: »

OK thanks GMS.
salary 35-40k. rent is £1400pcm (yes, its London).

Could you please explain more what 'broker only' means. Is the product not available direct to an individual?
Could you give an example of such a mortgage? lender name and product ref? (ideally low interest rate and fee sub £2k)
thanks

Rent should be ok for calculations. Salary ok.

Yes it means not available directly to consumers.

No example sorry. Don't know anything about you so wouldn't start naming lenders. Pointless anyway as you would need a broker to access them. Any broker who does a fact find could name lenders and products to you.