BTL Mortgage

stphnstevey

As previously lived in the property, still have original residential Nationwide mortgage and pay the standard variable plus increased rate due to letting the property

This works out at 3.75%

Is this competitive? If not, is there a good search engine for BTL mortgages?

We have had this mortgage for over 15yrs (previously we could access Nationwide's normal residential mortgage rates and deals and there was no premium for letting). I have also heard that during this time the criteria for remortgaging for landlords has become more stringent. Would I face any increased difficulties now in remortgaging?

Thanks

csgohan4

Compare the best buys

https://www.landc.co.uk/buy-to-let/best-buys/

You can try a whole of the market broker to see what your options are

[Deleted User]

BTL remortgages arent too difficult (for us) in the grand scheme of things. As long as your property is getting a good rent for its value there are good options.
There are price comparison tables but they are a bit harder to use for BTL than residential as so many factors go in to seeing if you are eligible for a BTL mortgage. Things like:

• Do you own your own home?
• How old are you?
• Have you ever lived in the property?
• Whats the rental return?
• Whats the loan to value?
• What tax bracket are you in?
• Do you have any other BTL properties?
• Do you have a residential mortgage? (some insist on home ownership being proved by a residential mortgage)
• Whats above, below, or beside the property?
• What type of tenancy is it on?

(not asking for all this info btw, just examples of what can go in to choosing the mortgage that suits you best)

All this is taken at a fact find with a broker and it narrows down the list of lenders to the ones that will take a case.
So there isnt any point just picking the top deal on a price comparison site as the chances of being accepted are even smaller than for residential.

However, once you have got the deal there are some cracking ones out there.

5 year fixes under 2%, 2 year fixed under 1.5%.

Its 100% worth looking in to moving to a BTL mortgage, just probably not worth the effort to try do it yourself. Get a broker to do the work for you and you will find life a lot easier.

stphnstevey

Thanks guys, can anyone recommend a good BTL broker?
Is there a charge for using them or do they get paid by the mortgage company?

[Deleted User]

stphnstevey wrote: »

Thanks guys, can anyone recommend a good BTL broker?
Is there a charge for using them or do they get paid by the mortgage company?

Unless you own 10 properties and are mortgaged to your eyeballs most brokers should be able to manage a simple BTL remortgage. Its not really that specialist.

Maybe ask friends/family/co-workers/facebook for a recommendation and go from there. They should explain their charging structure in the first appointment.

Thrugelmir

Deleted_User wrote: »

However, once you have got the deal there are some cracking ones out there.

5 year fixes under 2%, 2 year fixed under 1.5%.

Are these subject to product charges?

[Deleted User]

Thrugelmir wrote: »

Are these subject to product charges?

Don't think so from memory. I just plugged in a high income, high rent, 50% ltv at 100k borrowinf and got these. 5 year fix at top didn't have any product fees. Not sure on the 2 year. I'll check again Monday, probably still got the search open on my laptop.

Obviously a billion variables but realistically OP is going to get better than currently got