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Part 2 - The market bounces to boom time
Buy-to-let interest rates have fallen too. 4.79% is available from the West ( life insurance ) Bromwich Building Society for a two year fixed rate whereas 4.75% is available from the Mortgage Trust on a three-year fix - but both these deals incur a 1.5% arrangement fee. In the case of the West Bromwich deal, when you recalculate the interest rate including the fee and amortising the fee over two years, the equivalent rate rises to 5.54%.
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- Sorting a mortgage out can be stressful, especially if you have a poor credit history. This article provides some useful advice
- Interest Only Home Loans
- An introduction to the workings of an interest only mortgage.
- Mortgage Research Good News for House Buyers
- Coments on the direction of interest rates and the mortgage market.
- Refinance home distilling cash by renewing home loan
- Every year many people refinance their mortgage. Why and what to look out for.
- ReMortgaging is it still worthwhile
- Rate Tart is the name coined by the mortgage industry for borrowers who switch mortgage lenders chasing lower interest rates. Call them Rate Tarts if must, but they'll be the richer for it!
Arrangement fees should not be a headache for landlords whose prime concern is ( cheap secured loans ) cash flow. It's worth paying a large fee to obtain a low headline interest rate. It's because the rental income/mortgage payment calculation is based on the headline interest rate thus reducing the rental that has to be charged in order to meet the lenders lending criteria.
If you are interested in joining the buy-to-let boom, remember to do your ( bad credit loans ) homework. Research your local market thoroughly. Look at rental values, trends in property prices and levels of un-let properties.
And be aware that some lenders are becoming concerned ( personal loans ) at the buy-to-let market in city centres. Many large cities now have a glut of new flats and apartments which can also be overpriced. Developers are responding by offering enticing cash back and discount schemes rather than reducing prices. Lenders are responding by reducing the value to lending ratio back to 75%.
It also worthwhile remembering that it's important to know how much you can afford to pay for the mortgage each month factoring in for the inevitable periods when the property is empty.
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.