Best BTL fixed rate?

caronoel

Hello all

Looking to remortgage one of my existing BTLs to free up some cash

Situation:
Ex-council flat in central London in a building with 4 floors. Current value is £400k with £150k left on the mortgage.

There are two couples renting the flat for the past two years. Current rent is £1,800 before EA fees of about 10% inc VAT.

I want to increase the mortgage by £150k to use this to buy another BTL.

My broker has come back with a 5 yr fix at 3.7%.

Are there any better products / rates out there?

dimbo61

So £300K at 3.7% is £925 a month Interest only.
Better deals ? No Idea that is why you have a broker who has looked at ALL ? the market and knows all your Income, age, job etc

caronoel

Can any one help ?????

Are there any more competitive deals out there, rather than this one from my broker?

amnblog

You need to understand that you broker is considering who will lend, not who is offer product.

BTL deals have all sorts of angles that will preclude certain lenders from offer mortgages. You have alluded to two here.

If you are using a broker take the brokers advice, if you don't trust them,use another broker.

caronoel

Are there any BTL providers that dont go through brokers?

amnblog

Not ones that are likely to do your case.

kingstreet

A few won't do the property type.

A few won't see £300k as affordable with £1,800 a month rent.

Two couples are renting it? Is that two separate ASTs? That will be another potential hurdle further reducing your lender pool.

A broker's first job is to establish that someone will lend. Once we've done that, the rate/fee side is find-tuning.

kingstreet

... or "fine", even.