Remortgage BTL quote - arrangement fee of 10k!

missb_4

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. 

Mark_d

£10k fee for this scenario (74% LTV, interest only, BTL) is completely normal

missb_4

Oh that's good to know thanks for that!

housebuyer143

That's why the rate is so low, but as your loan is very high it's probably the cheapest option for you.

Hoenir

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 market

missb_4

Thanks so much for taking the time to comment everyone - it's so helpful!