btl rates

shazkhan111

anyone have any good btl rates all the rates i get seen to have a massive 2.5% fee attached!!

Griptool

Best BTL advice I can give is please get your coat the party's over

busy_b

Yorkshire Bank did a Buy To Let Mortgage with a set fee of £599 upto a certain amount. Not sure of the exact figure. (There's no need to pay 2%, loads of lenders have a set fee) There's a site recommended on here called money back mortgages that's worth a look, they compare rates for Buy To Let's.

herbiesjp

Is this for a purchase or re-mortgage?

Depending on the mortgage amount and the rental income, you may have to opt for one of these deals in order to make the scneario work for you though - what figures are you looking at?

sarkin

Need a bit more info what is the LTV and how much rental income do you make as a percantage of the mortgage. What type of btl is it multi occupancy how many properties do you have

shazkhan111

ltv 85%
330k price 1500 rent
single occupancy
1 other prop
new purchase

Help?????????????//

carolt

Wow, that's a lousy yield in a falling market. Do yourself a favour - put your money in the bank and save yourself a lot of heartache.

Can't believe you're worrying about the fee yet happy to spend 330K on a property that only brings in 1500pm! Hope you've got very reliable tenants lined up and no repairs/voids, or that's going to be one expensive mistake.....

On an interest-only mortgage of 280000K, which is what you'd need, at 6% (which you'd be lucky to get) you'd be paying 1400pm already, and that's not allowing for any means of repaying the loan, voids, fees, repairs, dodgy tenants....

Unless you're completely convinced property prices can only ever rise (in which case I suggest you try reading any serious newspaper at all), you can only possibly stand to lose...a lot.

shazkhan111

thats wasnt the question carolt

carolt

Just trying to be helpful. Can't say you weren't warned.....

Enjoy the ride then! I'll meet you at the bottom.

Lavendyr

shazkhan111 wrote: »

thats wasnt the question carolt

Well, it's certainly the question you should be asking yourself in the current market. carolt speaks words of wisdom and you'd be sensible to listen.

Do the maths for yourself and work out if this is really a viable proposal. And even if you won't, you can bet that the mortgage lender will. At the rent you want to ask you wouldn't even cover an interest-only mortgage, and that's at 6.5% - your rate's almost certainly likely to be higher.

sarkin

Now we know the facts I agree with the others you need to sell the property. It looks like you have an investment thats not making money. As for the rate you need to speak to a mortgage advisor but with those figures I think you may struggle for a good rate.