buy to let re-mortgage - possibble?
Discussion
I have a flat on a btl mortgage. worth about 220,000; mortgage of 187,000, interest only.
I'm guessing that in these days and ages I can't possibly remortgage that to a provider that has a better interest rate deal than my current lot? i.e. I have no money to put to it, so the 'deposit' is as above, ie no where near 40% or whatever they want these days?
I'm guessing that in these days and ages I can't possibly remortgage that to a provider that has a better interest rate deal than my current lot? i.e. I have no money to put to it, so the 'deposit' is as above, ie no where near 40% or whatever they want these days?
How long have you had the mortgage and what is the initial term of its 'deal,'. You will probably find that it will revert the a standard variable rate soon, if not already, which should be rather nice.
All my BTL's are now on various SVR's of between 1% and 1.99% over base. Currently very nice, and unlikely to change in the coming couple of years.
Remortgaging your 220k place now, I'd say, won't be worth it.
All my BTL's are now on various SVR's of between 1% and 1.99% over base. Currently very nice, and unlikely to change in the coming couple of years.
Remortgaging your 220k place now, I'd say, won't be worth it.
Mr Noble said:
How long have you had the mortgage and what is the initial term of its 'deal,'. You will probably find that it will revert the a standard variable rate soon, if not already, which should be rather nice.
All my BTL's are now on various SVR's of between 1% and 1.99% over base. Currently very nice, and unlikely to change in the coming couple of years.
Remortgaging your 220k place now, I'd say, won't be worth it.
This would only be the case if he was coming off a 5 year fixed rate, no product since then has a reversion rate similar to what you mention.....most BTL SVR's are 4-5%+ nowadays.....All my BTL's are now on various SVR's of between 1% and 1.99% over base. Currently very nice, and unlikely to change in the coming couple of years.
Remortgaging your 220k place now, I'd say, won't be worth it.
Gassing Station | Finance | Top of Page | What's New | My Stuff