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BTL Mortgage

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BTL Mortgage


Postby Cookie » August 31st, 2019, 9:15 am

As previously lived in the property, still have original residential Nationwide mortgage and pay the standard variable plus increased rate due to letting the property

This works out at 3.75%

Is this competitive? If not, is there a good search engine for BTL mortgages?

We have had this mortgage for over 15yrs (previously we could access Nationwide's normal residential mortgage rates and deals and there was no premium for letting). I have also heard that during this time the criteria for remortgaging for landlords has become more stringent. Would I face any increased difficulties now in remortgaging?


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Re: BTL Mortgage


Postby Loup321 » September 3rd, 2019, 10:35 am

I'm in exactly the same situation as you, Cookie. I had a look about a year ago, and found that HSBC had a more competitive rate (not an exhaustive search, by any means - I probably just saw a web advert). However, there were fees on that, and we have a low balanace on the Nationwide mortgage. Add in the fact that the Nationwide mortgage has a large overpayment balance that we are allowed to borrow back at any time (just takes a phone call with both of us present, and it's in our account in a few days) and I think the convenience and flexibility of the current Nationwide deal outweighed by far the slightly reduced interest rate with HSBC.

I wouldn't worry about finding a good search engine. It's not just the headline rate that's of interest. Just pick three or four names you are familiar with and look on their websites. If you find that rates and product details are things you would be happier with, then perhaps go to a broker.

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