BTL Mortgage Rates

Jaco70

I have a few BTL properties and I've come to realise that I'm not going to have funds to pay these off, so if I want to keep them I will have to re-mortgage when the current terms end. I took them out just before rates hit the floor back in 2008/9, on variable or tracker deals (can't remember which) and so I've been paying silly low amounts per property, interest only, since then.
I've googled rates but am just as confused really. The headline rate and comparison rates differ wildly. I expect to need 350k, if other things go to plan, and wondered what interest only repayments I could reasonably expect to pay, maybe for a ten year period? I'm really try to ascertain what I'll have to pay per month once I've paid off my own home, and in the vain hope that prices may rise, rather than being able to pay them off.

PierremontQuaker03

I would go with a broker - try London & Country.

amnblog

Try a 'Broker'

dimbo61

L and C are an online broker and are OK for simple straightforward BTL mortgage applications.
However your running a business and like most things it's rarely straightforward.
Age, income, LTV, yield, type of tenants, licences ( HMO + Selective ) etc
Maybe look for a good local mortgage broker who deals in BTL and can look at the big picture along with your accountant.

Jaco70

dimbo61 said:

L and C are an online broker and are OK for simple straightforward BTL mortgage applications.
However your running a business and like most things it's rarely straightforward.
Age, income, LTV, yield, type of tenants, licences ( HMO + Selective ) etc
Maybe look for a good local mortgage broker who deals in BTL and can look at the big picture along with your ac

Thanks. Even though I've borrowed money more times than I care to remember, I'm new to re-mortgaging. So I'm unsure which figure I should be looking at, the headline rate at 1.something percent or the rate for comparison at 4.5%. I'm slightly uneasy showing my ignorance over something so important, but on Interest Only the difference is massive. I'm trying to get a handle on what I'll be paying to service 350k of debt. I have a broker but I don't want to bother him at present as he'll say that my current deals haven't finished yet. They have at least 18 months to run.