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Are buy-to-let- mortgage rates higher and if so by how much?
a1234555
Posts: 30 Forumite
Hello, I tried researching and it looks like buy-to-let requires a larger deposit. What I want to know is how much higher the interest rates are if there is a difference?
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Tricky to answer without knowing more. It is easy to get caught up in the rates, but the fees can also be higher on BTLs.
You really need to look at the overall deal rather than just part of. Typically smaller mortgages will work out cheaper paying a higher rate with no fees where as larger mortgages the opposite can be said.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
About 1.5 to 2.0% higher than residential rates with the most competitive lenders.
Dont think you can get away with taking a residential rate on a buy to let or vice Versa, however.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks, I wonder what happens if you buy to live and then decide to rent some time later?0
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What is this? Mortgage fraud for beginners?0
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The lender can call in the mortgage as it would be a breach of terms.
I think that is what has happened in this thread.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks, I wonder what happens if you buy to live and then decide to rent some time later?
Don’t think you can get away with taking a residential rate on a buy to let or vice Versa, however.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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