We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 <b>Have you signed up to the Forum's <a href="https://forums.moneysavingexpert.com/discussion/6612556/new-feature-get-sent-trending-forum-threads-by-email?utm_source=banner">new Email Digest</a> yet? </b>Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Remortgage BTL quote - arrangement fee of 10k!
missb_4
Posts: 18
Forumite
Hello,
The mortgage broker has come back with a quote for remortgaging our property - currently being rented out so it's a BTL mortgage. Unfortunately need to take equity out to put towards a deposit (living in rented accommodation atm). Broker has come back with a quote with a £10k arrangement fee (from the lender, not him). Could someone confirm this is normal as it seems very high?
Details are:
5 Year fixed
3.79%
Value: £460,000
Loan: £337,000
Term: 25 years interest only
Many thanks.
The mortgage broker has come back with a quote for remortgaging our property - currently being rented out so it's a BTL mortgage. Unfortunately need to take equity out to put towards a deposit (living in rented accommodation atm). Broker has come back with a quote with a £10k arrangement fee (from the lender, not him). Could someone confirm this is normal as it seems very high?
Details are:
5 Year fixed
3.79%
Value: £460,000
Loan: £337,000
Term: 25 years interest only
Many thanks.
0
Comments
-
£10k fee for this scenario (74% LTV, interest only, BTL) is completely normal1
-
Oh that's good to know thanks for that!
0 -
That's why the rate is so low, but as your loan is very high it's probably the cheapest option for you.
1 -
5 Year fixed 3.79%
That's highly competitive rate. The high product fee is a means by which the lender is able to target a particular segment of the market1 -
Thanks so much for taking the time to comment everyone - it's so helpful!0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.8K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards