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    • Buy-to-Let

    Best Buy to Let mortgage lender

    Replies 7 Views 2.3K Activity 6 years ago Users 5
    Go to first unread post
    Mark Alexander 6 Jul 2012 at 21:41
    I'm interested to hear from members of the tribe who have arranged buy to let mortgages within the last 12 months.

    What type of product did you go for and why?

    Which lender?

    What was your perception of service?
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    Regards


    Mark Alexander - Property118.com
    Twitter: @iAmALandlord
    john_corey 7 Jul 2012 at 14:41
    Following on from Mark's request, I am curious to see what people look for when they are shopping for a loan. There are various options so what are the key factors for people. Some appear to be interested in the initial headline rate. Others want a tracker so they are less focused on the initial rate.

    I tend not to refinance so I care more about the true cost of financing (APR is you know what that is) and how the rate will change over the future years. Up front fees matter less if you keep the loan for a while. You can calculate the true cost of financing if you want to know what the fees and interest rate will really cost you.
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.

    Adam Hosker 9 Jul 2012 at 13:37
    Too Many Variables to conciser "Best" but generally speaking most Buy to Let mortgages are currently transacted via TMW. So they could be considered "best" but they are going for the meat of the market.

    Woolwich is apparently the "best" for portfolio landlords. BM Solutions are apparently super fast. Northern rock is apparently "best" for small adverse.

    I'd personally say Kent Reliance is the best, as they are the only lender currently looking at the 85% LTV. For that they deserve some praise but not only that they do also conciser HMO's and none standard properties.

    So the "BEST" is dependent on your circumstances, which is why I'd suggest to persons call a Buy to Let Mortgage Broker. Rather than walking into a random lenders office because a friend got a good rate in different circumstances to you.

    - Not like i'm biased or anything Wink

    Adam Hosker
    Bespoke Finance - Buy to Let
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    THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED.
    DO NOT SEND PRIVATE MESSAGES.

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    YOU CAN REACH ME AT BESPOKE FINANCE or MY TEAM AT 08009202001


    Angela Bryant 9 Jul 2012 at 16:14
    I would've thought it's a case of beggars can't be choosers - and we're all beggars these days, aren't we?!

    I used to love having the luxury of choosing my preferred lender in times gone by, based on who was the best, after careful consideration - it was Mortgage Express of course, god bless 'em!!

    I can't be so picky these days - I have to go with anyone that'll have me (lenders, that is! )

    Northern Rock are my favourites at the moment, simply because they have given me several mortgages lately at reasonable rates. They even allowed me to buy jointly with my son and my daughter.

    Angela
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    Author of The Complete Guide to Property Strategies

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins

    john_corey 11 Jul 2012 at 18:46
    I suspect Northern Rock became more interested in new business once Virgin took over. The cost of funding, business strategy and some legal details all changed with the change of ownership. Time will tell if they are going to be a market leader over the longer term or if they are just filling up an empty loan book.
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.

    gusworld 11 Jul 2012 at 21:16
    My last BTL mortgage was arranged through Kensington back in January. I went for this loan as it offered 85% LTV and a 5.99% fixed rate for 2 years. Not a brilliant rate but I knew I could get a much higher rental return on the property so it didnt really matter.

    The valuation was no problem as I got a good deal on the price so should have some equity locked in.

    The funding went through easily and I was quite impressed with the whole thing. Would recommend Kensington again.
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    Adam Hosker 12 Jul 2012 at 16:36
    (11-07-2012 10:16 PM)gusworld Wrote:  ....Kensington back in January. ...offered 85% LTV ...Would recommend Kensington again.
    Unfortunately Kensington only do up to 75% these days and that's just residential.

    Despite stating on their website "we specialise in lending to the self-employed, buy to let investors" they have no Buy to Let Products on the market at this time.

    Apparently they also have a Bad Credit Rating, back in may.
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    THIS PROPERTY TRIBES ACCOUNT IS NO LONGER USED.
    DO NOT SEND PRIVATE MESSAGES.

    --- MORE INFO HERE ---

    YOU CAN REACH ME AT BESPOKE FINANCE or MY TEAM AT 08009202001

    john_corey to Adam Hosker 13 Jul 2012 at 12:43
    (12-07-2012 05:36 PM)Adam Hosker Wrote:  [quote='gusworld' pid='77045' dateline='1342041403']

    Apparently they also have a Bad Credit Rating, back in may.

    Technically, it is not Kensington's rating. What Moody's was downgrading is three specific bond issues based on the performance of the specific loans backing each of the specific bonds. The next issue could behave very differently based on the loans that are put into the issue.
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.