Mortgage Interest Rates

laus89

Hi, I'm in the process of remortgaging my property - changing to a Buy to Let and releasing equity so my husband and I can buy a property together.

The property is currently worth around £215k and I have £34k outstanding on the mortgage. I want to borrow a total of £114k.

I do have defaults on my credit file from 4 years ago but all debts have since been fully settled. I do not have any debts / finance agreements etc. currently.

Today I have heard back from one broker to say that the lowest interest rate they can find is 5.78% which would make my monthly  payments £549 (interest only).

Now, I know that due to the marks on my credit report that the interest rates will be higher than normal but has anybody had a similar experience where the interest rates are extremely high?? 

I am speaking to another broker who specialises in adverse credit mortgages but I'm just curious to know if this is the norm.

Thanks

ACG

You should be looking under 4%, possibly closer to 3.5%. 

laus89

ACG said:

You should be looking under 4%, possibly closer to 3.5%. 

Thank you for responding. Those rates are more like what I was expecting. I will wait to see what the other broker comes back with.