Buy to let mortgage question
16 May 2008, 03:52 PM
#1
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Buy to let mortgage question
I need to get a mortgage for about 40K to do up my house before I can rent it out.
Contacting Abbey, I'm told there's a solicitor fee, surveyors fee and £2.5K to Abbey for them to arrange it.
I'm expecting surveyors and solicitor fees, but the £2.5K? Is this normal?
Contacting Abbey, I'm told there's a solicitor fee, surveyors fee and £2.5K to Abbey for them to arrange it.
I'm expecting surveyors and solicitor fees, but the £2.5K? Is this normal?
16 May 2008, 03:55 PM
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it is now.
the law changed so they can't charge exit fees to stop you going elsewhere. as a result they've all put massive fees in place when you sign up!
shop around but givewn the current market there might not be many options.
5t.
the law changed so they can't charge exit fees to stop you going elsewhere. as a result they've all put massive fees in place when you sign up!
shop around but givewn the current market there might not be many options.
5t.
16 May 2008, 11:23 PM
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2.5k is horrid. I just got a BTL mortgage with Bristol and West...no fees at all. It was a good competitive rate of interest too. I was however an existing customer of theirs with a good history, not sure if that made a difference.
(at 2.5k fee you could easily pay a much higher interest rate and be better off. Paying fees like that are generally only worth it when you have at least 100k+ mortgage.)
(at 2.5k fee you could easily pay a much higher interest rate and be better off. Paying fees like that are generally only worth it when you have at least 100k+ mortgage.)
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