Buy to let - remortgage

[langy]

Our current Buy to Let mortgage 'deal' is coming to an end in March and I've been looking at what is on the market. Best I've found to date is Leeds BS 5 year fixed, £0 fee, 2.14%. Monthly repayments are roughly what we currently pay which is good.

Term 9 years, £73.5k. LTV circa 25%

Any others i should be looking at?

[Jay500]

I'd speak to a mortgage adviser as some BTL lenders only deal with Intermediaries and don't deal with the public directly.

[craigjm]

Speak to Sarnie on here

[Stella Tortoise]

Compare any new lender deals against anything that your existing lender might have to offer as a product transfer.

The short remaining term will mean that any interest rate savings will have a smaller impact than you might expect.

[Moominho]

Without sounding like a broken record, would really recommend Sarnie on here. He's brilliant, and very very helpful.

[langy]

I'm not a regular on here, but I will drop Sarnie a message.

I'm currently with the Leeds BS, but also know BTL mortgages are a bit more difficult to find.

Thanks all.

[anonymous-user]

langy said:

Our current Buy to Let mortgage 'deal' is coming to an end in March and I've been looking at what is on the market. Best I've found to date is Leeds BS 5 year fixed, £0 fee, 2.14%.

You haven't mentioned what penalty you would have to pay if you want to get out early and how that penalty compares with any interest rate advantage. I'm not aware of anyone forecasting significant rises in interest rates.

People go into these apparent "no brainer" fixed term commitments, then their circumstances change and they get belted with a penalty for early termination. I'm sorting one out at the moment.

[langy]

rockin said:

You haven't mentioned what penalty you would have to pay if you want to get out early and how that penalty compares with any interest rate advantage. I'm not aware of anyone forecasting significant rises in interest rates.

People go into these apparent "no brainer" fixed term commitments, then their circumstances change and they get belted with a penalty for early termination. I'm sorting one out at the moment.

I'm not fussed about the early redemption on a new product as we have no intention of selling (owned it for 8/9 years) and could well be passed down to our daughter.

[Sarnie]

Op, I replied to your mail, check your junk mail perhaps?

Thanks to the posters who mentioned me!

[langy]

Sarnie said:

Op, I replied to your mail, check your junk mail perhaps?

Thanks to the posters who mentioned me!

Replied

[craigjm]

Sarnie said:

Op, I replied to your mail, check your junk mail perhaps?

Thanks to the posters who mentioned me!

When do you start paying commission?

[BoRED S2upid]

2.14% sounds like a good rate to me. Keep the thread updated will you ? Be interesting to know what’s the best rate out there currently.

[anonymous-user]

BoRED S2upid said:

2.14% sounds like a good rate to me. Keep the thread updated will you ? Be interesting to know what’s the best rate out there currently.

Agreed, especially with £0 fees. I would be amazed if a broker can get you a better deal over 5 years once you take their fees into account.

[langy]

After a conversation with Sarnie, 2.14% with zero fee is a pretty good deal.

[anonymous-user]

langy said:

After a conversation with Sarnie, 2.14% with zero fee is a pretty good deal.

How about exit penalties?

[langy]

rockin said:

How about exit penalties?

https://www.leedsbuildingsociety.co.uk/mortgages/b...

[Wings]

Barclay Bank PLC presently offering 5 year fixed at 1.85% interest only

[langy]

Wings said:

Barclay Bank PLC presently offering 5 year fixed at 1.85% interest only

Unfortunately it has a £1800 product fee. Thanks for the heads up

[Wings]

langy said:

Unfortunately it has a £1800 product fee. Thanks for the heads up

Several now offering five year fixed at 1.79% and 1.76% with arrangement fee, the same that is immediately tax-deductible.

[FunkyCEO]

Worth checking if you can switch to a new product with the existing provider - they'll often do this with no fees!