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BTL Remortgage - not an easy one!

socrates
socrates Posts: 2,889 Forumite
in Mortgages & endowments
I have four properties - all let out - the deal I have with Clydesdale is finishing in January. I am looking for the best all round deal. Value combined of the properties is £1,075,000 - outstanding mortgage is £500,000 - rental income is £3,400 pcm.

I am looking for a deal that combines the following - fixed rate, some cash back, self certification and smooth transaction.

If I have ommitted any details required to answer this please let me know.

Thanks in anticipation
«13

Comments

  • Mortgagehero
    Mortgagehero Posts: 33 Forumite
    Does the deal with Clydesdale cover all four properties?
    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.
  • socrates
    socrates Posts: 2,889 Forumite
    yes it does
  • Mortgagehero
    Mortgagehero Posts: 33 Forumite
    Your case will certainly take some researching although having said that the figure's seem to stack up. I am leaving my office now as it is closing but I will spend some time on this latter and contact you with my findings.
    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.
  • Mortgagehero
    Mortgagehero Posts: 33 Forumite
    Based on what you have told me, there is a deal available at 5.84% with Capital Home Loans fixed for 2 years with no survey fees to pay. It works on the rental but depends on the property types you have. If you let me know then I can help you further.
    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.
  • Dan_Collins_2
    Dan_Collins_2 Posts: 1,377 Forumite
    UCB may have a deal for you but the rate may be a little higher than CHL.
    :confused:
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    There are plenty lenders that will offer portfolio BTLs

    Not sure why you want self cert, as most lenders have a minimal income requirement - some want proof of income and others don't as it is for a BTL.

    Do you require a deal whereby there is just one direct debit to cover the portfolio or does that not matter?
    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.
  • socrates
    socrates Posts: 2,889 Forumite
    I would prefer not have to show income - so a lender that does no have that as a requirement would be better.

    As to one direct debit it does not really bother me.

    The properties are two 2 bedroom flats one 1 bedroom flat and one 4 bedroom house.

    Any more thoughts?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Still seems to be plenty options - are any of the properties ex-council or high rise bolcks? Over commercial premises?
    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.
  • socrates
    socrates Posts: 2,889 Forumite
    no they are - conversions - not ex council or over shops

    any help given so far is much appreciated
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    It all seems straightforward then

    Ah just thought - all long leases?

    I think your next step would be to start looking at the fixed rates available, and look and what they mean in terms of mortgage payments and fees applicable
    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.
This discussion has been closed.
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