Recommend me a BTL mortgage!!
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Scooby Regular
Joined: Oct 2001
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Recommend me a BTL mortgage!!
Can anybody recommend me a Buy To Let mortgage?
I've done a lot of research on the matter but I would like a personnel recommend from somebody actually using one as opposed to people just giving advice. There are thousands out there, so who is happy with theirs so I can see if they match my research.
I've done a lot of research on the matter but I would like a personnel recommend from somebody actually using one as opposed to people just giving advice. There are thousands out there, so who is happy with theirs so I can see if they match my research.
Scooby Regular
Joined: Jun 1999
Posts: 1,496
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If you can't decide on repayment or interest-only then you haven't quite got the hang of BTL 
Mortgage Express or TMB seem to be pretty good - I'm with the former.
Perceived wisdom at the moment is to get a fixed rate at around 5% for 2-3 years but you need to do your spreadsheets to take into account different arrangement fees/valuation fees that the different companies offer to work out the full 2-3 year cost - then you generally go with the cheapest.
Make sure you know what the early repayment charges in case you need to repay early for some reason, are when the end date comes around, make sure that you are a proper rate tart and quickly switch to something cheaper than the standard rates of 1.5-1.75% above base that you will end up on
Some companies also have rules that they don't publicise clearly - I got excited a month ago with a great rate switch with zero fees, so I asked a few questions as it seemed to good to be true. Turns out they only offer 65% LTV on HMOs and hike the interest rate by 1.5% as well - and neither were open to negotiation. The call didn't last long after that....
Of course, I am not qualified in any way to give financial advice....
Mortgage Express or TMB seem to be pretty good - I'm with the former.
Perceived wisdom at the moment is to get a fixed rate at around 5% for 2-3 years but you need to do your spreadsheets to take into account different arrangement fees/valuation fees that the different companies offer to work out the full 2-3 year cost - then you generally go with the cheapest.
Make sure you know what the early repayment charges in case you need to repay early for some reason, are when the end date comes around, make sure that you are a proper rate tart and quickly switch to something cheaper than the standard rates of 1.5-1.75% above base that you will end up on
Some companies also have rules that they don't publicise clearly - I got excited a month ago with a great rate switch with zero fees, so I asked a few questions as it seemed to good to be true. Turns out they only offer 65% LTV on HMOs and hike the interest rate by 1.5% as well - and neither were open to negotiation. The call didn't last long after that....
Of course, I am not qualified in any way to give financial advice....
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