Possible BTL remortgage
Discussion
Hi all,
Hoping for some advice/thoughts from those in the business.
My fixed term deal with Birmingham Midshire on my BTL has come to and end, so I'm now on the SVR. (4.84%).
My dilemma is whether I remain on the SVR, and take advantage of the flexibility or remortgage on to a fixed rate deal for a few years.
Details on the house are; value of around £210k, outstanding mortgage off around £120k, current rent of £900/month.
What kind of rates am I likely to get given the above?
Thanks
James
Hoping for some advice/thoughts from those in the business.
My fixed term deal with Birmingham Midshire on my BTL has come to and end, so I'm now on the SVR. (4.84%).
My dilemma is whether I remain on the SVR, and take advantage of the flexibility or remortgage on to a fixed rate deal for a few years.
Details on the house are; value of around £210k, outstanding mortgage off around £120k, current rent of £900/month.
What kind of rates am I likely to get given the above?
Thanks
James
JayBM said:
Hi all,
Hoping for some advice/thoughts from those in the business.
My fixed term deal with Birmingham Midshire on my BTL has come to and end, so I'm now on the SVR. (4.84%).
My dilemma is whether I remain on the SVR, and take advantage of the flexibility or remortgage on to a fixed rate deal for a few years.
Details on the house are; value of around £210k, outstanding mortgage off around £120k, current rent of £900/month.
What kind of rates am I likely to get given the above?
Thanks
James
James,Hoping for some advice/thoughts from those in the business.
My fixed term deal with Birmingham Midshire on my BTL has come to and end, so I'm now on the SVR. (4.84%).
My dilemma is whether I remain on the SVR, and take advantage of the flexibility or remortgage on to a fixed rate deal for a few years.
Details on the house are; value of around £210k, outstanding mortgage off around £120k, current rent of £900/month.
What kind of rates am I likely to get given the above?
Thanks
James
The rates available will be determined by what fees you are or are not prepared to pay, for example
-2.49% two year fixed rate that has c£3,500 of fees to pay/add to the mortgage
-2.99% two year fixed rate that has c£999 of fees to pay/add to the mortgage
-3.49% two year fixed rate that has c£500 of fees to pay/add to the mortgage
-3.99% two year fixed rate that has zero fees to pay/add to the mortgage
Hope that helps?
Have you not considered staying with BM Solutions and just doing a 'product transfer' onto a new fixed rate ? Their rates are quite competitive (2 year fixed at 3.79% with no arrangement fee if under 60% LTV) and no valuation or legals required.
Edited by Maryben on Wednesday 18th December 15:47
JayBM said:
Thanks Sarnie,
That does indeed, some food for thought.
One other question, if I may; does swapping banks (main current account) cause any issues in terms of willingness to lend?
Thanks again,
James
James,That does indeed, some food for thought.
One other question, if I may; does swapping banks (main current account) cause any issues in terms of willingness to lend?
Thanks again,
James
No, changing who you bank with won't have any impact on a lenders lending decision.
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