Mortgage rates

mariecc_2

Hello

Can anyone point me in the right direction... We want a mortgage (BTL) just a small one to use assist with the purchase... I am trying to find a mortgage just an ordinary tracker rate, no fees, and not fixed... find a no fee isn't a problem but finding an un fixed tracker is....

we don't want to go around all the major high st one by one.... we may rent the property or re sell hence not having this mortgage fixed for 2 years and then paying penalties..

any thoughts appreciated

dimbo61

A BTL mortgage is for a rental property so you need to prove the property will rent for at least 125% of the mortgage cost at 5/6%
You need a broker and you will pay fees

ACG

There are a couple of lenders who will have tracker rates with no ERCs. I can only think of 1, possibly 2 on the high street. The rest are either intermediary only or not on the high street.

Appreciate from a previous post you are not really trusting of the broker community but you will open yourself up to far more options by using one. I do not think you need one but I do not think you will get the answers you want from this site as its geared mostly towards individuals looking for a residential mortgage.

mariecc_2

thanks, I have found two mortgages NW and RBS both with the same offer of tracker 2.78% but for 2 years... No fees but redemption.. Could ask advisor but they've never found better mortgages than I have...
no problem with renting out as we are only looking for 23% LTV. but I thought rates had come down even on looking at residental mortgages they there cost etc..but there are some out there admin/product free

Thrugelmir

mariecc wrote: »

thanks, I have found two mortgages NW and RBS both with the same offer of tracker 2.78% but for 2 years...

NW and RBS are one and the same.

ACG

RBS and Natwest are the same company.
So if it has redemption fees, you have not found what you are looking for? It could well be its the best out there for you, but it may not be.

A brokers job is not limited to finding the cheapest deal. Infact, it rarely is. Most people have requirements on the side - looking at your cirucmstances, no ERCs, no fees etc.

Also, depending on the size of the mortgage it may be worth paying a higher rate in order to avoid fees. I have just had a very quick glance and can see a rate of 3.5% with £270 in fees. So yes the rate is higher but I suspect the fees are lower than the ERCs would be?

As I said, only a quick glance you may not be eligible, there may be better etc etc. If you do not want to use a broker thats fine, I am not here to try and convince you one way or the other. But you have said what you want, you have not found it. A broker may or may not find it, but you will only find out by speaking to them.