Beware of big buy to let mortgage fees
As buy to let mortgages rates have fallen, buy-to-let landlords need to beware of new bigger fees, which can substantially push up the cost of a mortgage, especially if they are only fixing or tracking for a short deal period. The biggest fees tend to be the ones that are are charged as a percentage of the loan but even flat fees can run to £2,000.
According to thisismoney “the lowest rate on the buy-to-let market is 2.29 per cent from HSBC. It comes with a £1,999 fee. However you will need a 40 per cent deposit. The total cost on a £250,000 mortgage would be £13,447 for the deal term. For a longer term deal, Leeds Building Society has a five-year fixed rate at 3.69 per cent with a £999 fee for a 40 per cent deposit. A £250,000 mortgage would cost £47,124 over five years.”
Buy to let mortgages are obviously an area of extensive interest for both experienced property investors as well as first time buy to let investors, hence at Belvoir! Sheffield we have also developed our service to help and advise property investors in Sheffield negotiates the buy to let mortgage market.
Belvoir! Sheffield is the one stop specialist for Sales and Residential Lettings and Property Management, Investment and Wealth Management Advice, Fit-outs and Renovations, Property Insurances and Mortgages. Belvoir! Sheffield was the winner of the Belvoir Franchise of the Year Award for 2013 and is a multi award winning agency.
For more information, please visit Belvoir! Sheffield or call 0114 331 0033. Alternatively, please email firstname.lastname@example.org
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