What Is The Best Buy To Let Remortgage Rate Now?

dr1_2

Hi
Bit Out Of Touch With Btl Deals
Anyone Know The Best Btl Deal For £55k Interest Only Remortgage

Cheers
Dave

herbiesjp

Any more details?

shona_2

Hmm - well if Dave's gone... I'm in the same boat with a mortgage of about £27k on a house worth about £135k near Perth in Scotland.
I get £490 rent/month for it.

Currently I have an old Sainsbury's mortgage at about 6.3%, but I'd like to increase the mortgage amount as I think this would save me tax - is that right?

But fees seem horrendous at the moment!

Any advice gratefully received!

thanks

Shona

NeilQuinn

Bristol & West have some decent deals for BTL remortgages at the moment. Free valuation / legals, rate is 5.85% - no arrangement fee either. It's a 5 year fix.

They also have 5.69% but with a £799 fee to be added.

herbiesjp

Plenty deals around - what are you rasing the extra money for ?

furndire

I got a quote of 4.99 fixed for 2 years (I think) yesterday from the broker I deal with, but I didn't go into details as not ready to borrow yet

subjecttocontract

There are lots of low rates available......but I think you're asking the wrong question.

Mortgages aren't just about low rates.

Low rates usually = high arrangement fees.

West Brom are doing some good deals......and remember that you can often get a BETTER deal by going thru a broker than contacting the lender yourself. Brokers have access to loans not available direct to the public.

Go see a local broker first.

valdaw

subjecttocontract wrote: »

There are lots of low rates available......but I think you're asking the wrong question.

Mortgages aren't just about low rates.

Low rates usually = high arrangement fees.

West Brom are doing some good deals......and remember that you can often get a BETTER deal by going thru a broker than contacting the lender yourself. Brokers have access to loans not available direct to the public.

Go see a local broker first.

I was in this weeks audience, star struck by Martin and forgot to ask my question!!!
Please let me know if you have any luck.
I Hope to obtain re mortgages for 2 buy to let properties, want low rate, fees free and no/ low arrangement fees with no hidden charges. All fixed for 2 or 3 years! what do you reckon my chances are? My present rate ends in May

HugoSP

Have BTL mortgages come down in the last few months??

HugoSP

subjecttocontract wrote: »

Low rates usually = high arrangement fees.

But it's all about the total cost of the mortgage.

If the size of mortgage means that you'll save more than the arrangement fee over the term then it's a better deal.

subjecttocontract

HugoSP wrote: »

But it's all about the total cost of the mortgage.

If the size of mortgage means that you'll save more than the arrangement fee over the term then it's a better deal.

Agreed.

But its also about NOT digging yourself into a fixed or discounted rate that means you will HAVE to remortgage again in 2 or 3 years or whenever the tie in ends.....because the lenders standard variable rate is way to high.

Sometimes its best to take a mortgage that balances the cost of arrangement with interest rate with tie in with everything else.

The problem for many people is that there are so many variables and working out the true cost over 2, 3 or 4 years is beyond them.

SEE A BROKER......they will do the calcs for you. Nearly every estate agentr has a mortgage broker in the back office......its FREE.

See:
http://www.thisismoney.co.uk/mortgages/mortgages/article.html?in_article_id=429789&in_page_id=58