Need to remortgage a BTL but living overseas

chevalier

We have a house in the UK. We were with LLoyds but have been split into TSB.

Our fixed BTL mortgage is now coming to an end. We have been offered 3.99% BTL variable, but this would be 100 pounds a month MORE than what we are currently paying.

Previously we got a broker to get this mortgage for us as it seemed that no one wanted to touch it. And we needed to act in a hurry for various reasons.

So could you please tell me where I could find out (or if you know) who will remortgage for us when we are overseas?

House is worth 400k and mortgage has about 180k left on it. It is repayment.

Another small problem is that it is currently vacant.
Thanks in advance
chev

amnblog

Are you saying you were previously on a rate of 3.29%?

A residential product? Do TSB know you are letting?

3.99% seems pretty good to me - I would be surprised if you better it.

Thrugelmir

chevalier wrote: »

Our fixed BTL mortgage is now coming to an end. We have been offered 3.99% BTL variable, but this would be 100 pounds a month MORE than what we are currently paying.

Rates are only going to HIGHER. 3.99% is historically low.

After 30 years of decreasing rates we may see 20 years of increasing rates.

amnblog

good morning to you too!

chevalier

I don't know what our current rate is but we are currently paying 863 pounds, and their offer of 3.99% is a repayment of 963 pounds.

Both products are BTL, and yes TSB should know as we told LLoyds when we got the mortgage originally.

Has the bank rate gone up over there recently?

As the 3.99% offer is variable, I wonder if fixing would be any better, I am guessing not.....

kingstreet

When you say "we've been offered 3.99% variable" is it an actual offer following an enquiry on your part, or have you simply been notified of the "follow-on" rate which will automatically apply if you do nothing?

If it's the latter, you may wish to contact your lender to ask if it has any customer retention products as an alternative to the follow-on rate. These may not automatically be offered if you do not ask.

Obtaining these will give you an opportunity to compare with remortgage offers you can consider.

chevalier

hi Kingstreet, it would be the follow on product. Thanks for that heads up. It had occurred to me that they might have better deals, but it is difficult to sort out from so far away.

Any ideas of a good BTL broker? Who will work with out of uk owners?

chev

kingstreet

Sorry, not a clue.

Wouldn't know where to start with an expat BTL remortgage. Not what we do, I'm afraid.

Let_Us_See

In your current position I would jump at the 3.99% offer. Is the lender aware you no longer reside in the UK?

chevalier

Yes they do know we live abroad. 3.99% is a good deal. I don't suppose there is an equivalent of moneysupermarket for BTL mortgages so you can do a comparison search?

chevalier

hi all have found that money supermarket do do a bit for btl mortgages so i will do some research on there.
thanks for your help