How to save £3,368 in BTL mortgage payments over two years
Is your initial rate period about to finish or are you already paying the BM Solutions' higher reversion rate? Are you struggling to remortgage elsewhere because your rental income no longer meets lenders' stricter Rent to Interest calculation?
If you answered YES to either or both questions, and are looking to remortgage on a like for like basis, please call us ASAP to discuss switching to a better rate. Call 0345 345 6788 now.
Switching is quick and easy and you could be on a better rate in a couple of days, potentially saving you £££s.
Crucially, there is no underwriting involved which is great because:
- Saves time and money.
- No legal fees.
- No valuation fees. Your property will be valued using the Halifax Price Index.
- BM Solutions will use the rent to interest (RTI) calculation applied to your existing product and not it’s new, tougher one of 145% @ 5.5%.
Please note this only applies to customer remortgaging on a like-for-like basis.
Still not convinced? Here's an example of how switching could save you money:
Say you have a mortgage of £150k on which you are currently paying BM Solutions’ rate of 4.59%. Assuming this rate stays the same, over the next two years you would pay £13,770 interest.
However, if you switched to say, the BM Solutions’ 2 year fixed rate of 3.29% (4.8% APR) at 60% LTV plus lender arrangement fee of £499, over the two years you would pay £9,903 interest including the fee.
That's a massive overall saving of £3,368 over two years.
There are plenty of other buy to let mortgages from BM Solutions with LTVs available up to 75%, so give us a call now to find a rate that works best for you. And let’s get switching…
Paul Martins has left Mortgages for Business for pastures new. For more information or for any questions relating to this blog, please contact the BTL Team on 0345 345 6788, where one of our consultant mortgage brokers will be happy to assist.
Please note: If you are looking to remortgage and raise capital, the product transfer is not available. But there are options, so do get in touch.
You may also be interested in:
Stamp Duty FAQs
Simon Whittaker answers the most commonly asked questions around SDLT - including information on mixed use properties and non-residential Stamp Duty rates.
Read
Common areas of concern when borrowing via a limited company for buy to let
Many landlords are now becoming more comfortable with buy to let borrowing via a limited company including the few additional hurdles this brings. However there is still a perception that the process is complicated and harder to get agreed but this is not always the case, as Gary McKenna, Consultant Mortgage Broker explains.
Read
FAQs on Ltd Co borrowing for buy to let
Frequently asked questions on limited company borrowing for buy to let mortgages.
Read
4th April 2017
