You may think it’s comparing one rate with another and that’s it, but there are so many other factors to consider when choosing a BTL mortgage. The more of these you want, the less choice you will have.
-Overall Cost. Look at all the costs including lender set up fee, interest over the term, interest on the fee if added to the loan, valuation and solicitors costs less any cashback. You will be surprised how many brokers just look at the lowest monthly payment, which may not be the best option.
-Service. Who would you rather use, a lender that takes one day to look at your application and documentation or three weeks? A great rate is not so great if you lose your purchase.
-Product Transfers, Further Advances, Repaying extra 10% per year, Free Valuations and Free Legals when you remortgage.
These are all very common when you own property personally but in the limited company market they are rare.
The ability to keep your mortgage with your existing lender can be crucial if market conditions change or to keep the remortgage costs down.
If any of these are vital then the best rate may not be the best product for you.
Talk to us to see how we can find a BTL mortgage to match your requirements.