So, the Bank of England rate is .5%

 

If im buying my own house to live in i can get a rate of 2%

 

If i want a buy to let its 4.5% (which i need)

 

If i want a buy to let but only pay the interest its 3.11% (which isnt bad) but they want £1500 to set it up so the money i save in only paying interest covers the set up fee and solicitor over the 2years.

 

Its so annoying.

 

Basically, anyone got a buy to let mortgage? who are you with and whats your interest rate? if you dont mind me asking.

 

Thanks.

So, the Bank of England rate is .5%

 

If im buying my own house to live in i can get a rate of 2%

 

If i want a buy to let its 4.5% (which i need)

 

If i want a buy to let but only pay the interest its 3.11% (which isnt bad) but they want £1500 to set it up so the money i save in only paying interest covers the set up fee and solicitor over the 2years.

 

Its so annoying.

 

Basically, anyone got a buy to let mortgage? who are you with and whats your interest rate? if you dont mind me asking.

 

Thanks.

Coventry Building Society - 3.95%

 

Plenty of offers out there, but depends on the LTV...

Might be worth speak to slick pete, I believe he's clued up on this kind of thing

Got three buy to lets, coventry (0.25% over base) , the mortgage works (4.5%), and Abbey (4.65%). We are currently in the rocess of setting up another which is a 'light refurbishment' buy to let product (around 5%) but they will release extra money to do works on the property. They can usually add the set up fee to the mortgage amount. I once did this as the set up fee was £8k!. You really have to ask yourself how long you are going to have the property and work out if the fees realy make a massive difference over the period. Not many people will keep a buy to let for 25 years I think?

 

If you have a residential mortgage you cant have another one as I think nowadays they advise other companies when you set these up (may be wrong there but seem to remember being told).

 

Also there doesnt seem to be any interest only residential mortgages out there now, all repayment which is annoying as these would be the cheapest repayments every month and after all you could rent it out!

 

Get an independent mortgage advisor, not one attached to an estate agent. We pay £425 to ours for every mortgage she sets up.

 

Dont know if that helps?

A way around this a mate did was to buy to live then once it's finalised you can request the right to let. This didn't change the interest rate at all

Ive had my mortgage with The Mortgage Works for 5 years paying 4.9% so will give them a bell see what i can get from them.

 

Got an advisor from Bairstow Eves looking into it, this was good the first couple of times as they were free, but now i have to pay £499 for his help so it doesnt look worth it.

 

Loyds seem to be good, 4.39% they pay for solicitors and valuation, just £1k set up fee

 

I didnt find one for 3.11% (wish i had) it was £311 monthly payment lol.

Thanks for the replies too