Buy To Let advice please

davesdelights

Hi,

I currently have a buy to let mortgage with RBS that is coming to an end, they are offering me a new mortgage but at 6.54%, it is a tracker + 1.29%.

current mortgage is £123,753.02
and property value is about £170,000
with a current monthly income of £950

I was hoping someone here might be able to tell me if this is a good deal and if not maybe point me in the direction of a good deal.

Thanks in advance

Gorgeous_George

With so many products being removed I'd say a tracker at +1.29% isn't too bad. By comparison, my BTL is +0.89% for the life of the mortgage.

Is the +1.29% a lifetime deal? If not, I'd check those out too so that you are not looking again in a couple of years, when your LTV might be less attractive.

GG

teabelly

http://www.mortgagelinked.co.uk/common/results.asp?ID=FIS&mortType=BUYLET

These are the current best rates.

Have a word with a whole of market broker or go along to singingpig.co.uk and look at their BTL pages. What is the arrangement fee for the RBS one? You need to factor that in but it is normally added to the balance so it might be better to pick a better rate with a higher fee.

Mr_helpful

rates are changing quite fast see an independent broker with a no broker fee option plenty on google

davesdelights

Thanks for all the replys

The +1.29% is only for 2 years, so I will have a look and see if I can find one similar for a longer term, but the benifit with RBS is there are no extra fees associated with taking the new rate which is making the deal look very good.

Thanks teabelly for the links, I have checked a few of these out and they all seem to have a 2.5% or 3% arrangement fee so i think I might stay with RBS as they are charging me nothing to arrange the new rate!!

Will let you know what I decide to do in the end.