Any better BTL rates than 5.75% 3 yr fixed?

master_ian

I'm looking at a BM solutions 3 yr fixed 5.75% IO rate with £950 fees.Am open to any fixed or trackers that are cheaper! Long terms open too! Any suggestions welcomed! It's looking rough out there! FTB BTL with: £175K purchase price. 85% LTV. £830/month rental income. Cheers!

herbiesjp

PLenty of deal out there, although you need to decide if you want fixed or tracker, as you would not be comparing like for like if comparing fixed rates to trackers.

Are you sure on the BM fee? Are you sure that rental income can give you that mortgage amount with that fee?

master_ian

Hi Herbie, Yes, those are the fees. - I asked a mate of mine who is a mortgage broker, he found that rate. BM are only asking 100% of rent so yes it will cover. I can also go for a tracker, however having compared fixed rates with trackers, fixed are cheaper over the initial 2 - 3 year term of the mortgage taking all fees, etc into account. So the true cost of the BM fixed is the best for me at the moment...however, was hoping for better value!

Perspective

If you have a mate who is a mortgage broker why don't you take his advice, better still let him place the business for you and split the commision that way you and he get a better deal, Simon

I am a Mortgage Adviser

You 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.