Possible BTL remortgage

[JayBM]

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

[Sarnie]

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,

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?

[JayBM]

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

[Maryben]

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

[Sarnie]

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,

No, changing who you bank with won't have any impact on a lenders lending decision.