What Is The Best Buy To Let Remortgage Rate Now?

HugoSP

STC, since your post is just above mine I won't requote what you said to save space.

As for remortgaging, each term is for between 2 to 5 years. Our fixed rate BTL is a 5 year one at a lower rate than we could get on a 2 or 3 year products. We paid an arrangement fee and took it on. We know we're OK for 4 more years before we have to remortgage. The property is clearing a profit and will do at least for the remainder of that period.

However we will have to remortgage in the future, it all depends what rates will be doing in that time. We went for long term planning so we took the 5 year rate and got IMO the better deal.

Whichever mortgage product you choose you will have to remortgage to get the rate down again, or end up paying the high SVR. You just look for another product at the time and save yourself another few hundred a year with that deal and buy yourself more security of knowing that the mortgage will be X and your rental income will be Y, and X>Y; or if you're unlucky X may be slightly smaller than Y but the difference is much less than it would be with a SVR.

I agree about seeing a broker, but as Martin says you need to see an all of market IFA who doesn't charge you. EA brokers are good to give you rough figures but they are not necessarily working in your interests.

shona_2

herbiesjp wrote: »

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

Don't really need the money for anything - I just thought it was best to increase the loan to reduce the amount of tax I pay. Is that right?
Or should I be putting money into it to get rid of the mortgage?
thanks

HugoSP

shona wrote: »

Don't really need the money for anything - I just thought it was best to increase the loan to reduce the amount of tax I pay. Is that right?
Or should I be putting money into it to get rid of the mortgage?
thanks

You need to think about this carefully. IIRC there are certain rules about drawing money out of a property and claiming tax relief on the interest.

Why not take your query over to the Cutting Tax forum, their advice is second to none.