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B2L search
magic_genie
Posts: 48 Forumite
I'm searching for a Buy To Let mortgage.
My brothers girlfriends father is helping - he's a mortgage broker. I plan to have the house for many years, 5 or more.
He's found this one, I forget who it's with but here is the deal:
£315 fee (valuation) + £653 (arrangement) fee which is 1.5% of the loan (£44200) after putting 15% deposit down (house costs 52k)
The rate is .39% above BOE base rate for the term of the loan. i.e. 4.89
What are your thoughts? I thought it was pretty good. As we know B2L rates are usually 1% or more above normal mortgages, I think the rate on my other B2L is 6.2%. £653 is a lot, this can be added to the loan though apparently and this has to be assessed against potential costs of remortgaging every 2 or 3 years.
What do you think? Hope to hear from you, kind regards
Alex
My brothers girlfriends father is helping - he's a mortgage broker. I plan to have the house for many years, 5 or more.
He's found this one, I forget who it's with but here is the deal:
£315 fee (valuation) + £653 (arrangement) fee which is 1.5% of the loan (£44200) after putting 15% deposit down (house costs 52k)
The rate is .39% above BOE base rate for the term of the loan. i.e. 4.89
What are your thoughts? I thought it was pretty good. As we know B2L rates are usually 1% or more above normal mortgages, I think the rate on my other B2L is 6.2%. £653 is a lot, this can be added to the loan though apparently and this has to be assessed against potential costs of remortgaging every 2 or 3 years.
What do you think? Hope to hear from you, kind regards
Alex
Named after my cat, picture coming shortly
0
Comments
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Hi,
It's with BMS, I'm doing a few on this rate at the moment. Even with the arrangement fee at 1.5%, it's cracking deal for anybody looking at BTL as a long term investment!I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks MG, are you a broker?
ANamed after my cat, picture coming shortly0 -
There are other slightly cheaper fixed rates for the 3 year timescale - some have similar fees and some are cheaper.
It depends on what you are looking for and whether you will meet the lender's criteria i.e. minimum income etc.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Where are you buying a house for £52k ?All my views are my monkey's views. I give advice on behalf of my pet monkey and do I give banana related advice. All my posts are my monkey's opinion and no-one else's.0
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East Manchester - a regeneration area - one of the few remaining ways to make money in property.
Wish I had more money to buy more houses there, there are still houses for sale from 30-50k, and their value is rising drammatically because of the government spending.
regards
AlexNamed after my cat, picture coming shortly0
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