buy to let remortgage

ksmith08

good morning guys n gals

i'm currently looking into a btl remortgage in the falmouth area with student tenancies running up until the summer.
House value £240k loan required £150k

i'd like to get some value for money this time, and want something longer than two years, on an interest only basis.

can anyone recommend any provider with a decent ish deal running??

many thanks

Leon_W

Who are you with at the moment ?

Companies that are prepared to lend on houses with students are pretty thin on the ground.

ksmith08

it's a company named mortgage trust.

i am a bit peeved with myself for not getting a longer deal. all the fees and other related expenses every two years is really not helping me to shrink my loan amount.

Any advice??

herbiesjp

What rental income do you get?

You should be able to get some new deals, even if they are student lets

teabelly

Birmingham midshires have the best fixed rates around at the moment. 5.1% fixed for 3 years, 85% ltv 125% rental cover. I can't remember whether they allow students. I know they don't like HB or asylum seekers. They may be ok with students if you get a guarantor for each tenant so you have someone to go to if they don't pay.

A broker may also be able to arrange a longer fixed rate. I think BM do up to 5 years but if you need to sell you'll get slapped with a 6% erc!

Best bet is to talk to a broker as they will know the ins and outs of it. I think mortgage express do students but they don't have such good rates right now.

poppy10_2

Remember that if you remortgage with another lender, they will probably want to do their own valuation of the property, and you may find your "house value 240k" is not what it seems...

ksmith08

hi there

the rental income is £1050 p/m all tenant are on individual short-hold tenancies.

Thanks for help thus far