Should I get a Mortgage Broker?

MartinH74

Hi,

I'm potentially looking at 2 getting new mortgages in the next couple of months and to be honest finding a mortgage or a mortgage adviser for my situation is quite challenging as there are so many options out there.

Basically my situation is:

I currently have a property with £100k left on a mortgage of a one bed flat in nw6, recently valued at £380 - 400k.
I am looking to buy a buy to let property for a value of approx £350k and am looking for an interest only mortgage.
My residential mortgage is for 25 years, but the flat rate deal finishes in April. This leaves 20 years left on the mortgage.
I have about £50k savings that I can add into this as well.

Ideally I am looking to continue on a fixed rate basis for both of the new mortgages, preferably for 5 years, but I am open to options.

I am thinking of releasing some equity from my current property to fund the deposit on the buy to let property, but am not sure whether it's better to use my savings or release equity, or a bit of both.

Ideally I would keep my current property on the 20 year term that it has left to run as I'd like to continue repaying the capital payment.

Just wondering what people's advice is and whether I should seek out a mortgage advisor. If so, any recommendations?

thanks,
Martin

GMS

Many BTL lenders are broker only so on this basis you may be better engaing a broker.

Rent will dictate what can be borrowed on the BTL and your income on the residential.

ACG

As GMS says, BTLs are really geared more towards the broker market in the main. So I would suggest using a broker for that.

Residential is either/or but if you are using them for and with the intention of another mortgage in quick succession its probably worth trying to arrange a deal with them to do both... less work for you then.

Appreciate it may come across a little biased but its more the BTL which is dictating my answer. If it was the residential alone I would be sitting on the fence saying its personal preference.

grifo2015

I would echo the above I work for a lender that only deals with brokers but do so many BTL and i know there's a lot of Lenders for intemediaries that will do btls so it is certainly worth seeing one to get the best deals that are availible for yourself as well as they may be able to home both your mortgages at the same provider then.

If you have 2 mortgages for an advisor to place to they MAY waive a upfront fee depending on the firm if they are getting 2 proc fees from placing your mortgages I'd take a look at unbiased.co.uk to see advisors in your area by searching your postcode