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  • Mortgages & Finance

    Re-mortgage rate offered is not good ...

    Hi Guys

    I currently own 6 BTLs and I want to re-mortgage just one of them. 

    However, the financial adviser I contacted suggested that I would get a much better rate if I re-financed my whole portfolio.  The best rate he has found is 3.59% for a 5-year fixed term and extortionate fees to re-mortgage one property.  I'm wondering if I should wait a while to see if lenders become more flexible. 

    I want to re-mortgage just one property that is currently with MX.  He also mentioned that rents on a couple of my other properties are under market value so that may be an issue even though it doesn't apply to the property I want to re-finance.

    Has anyone else encountered similar problems?  I thought this would be a great time to get a good rate but the opposite seems to be true.

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    So this greedy lender is charging just over 3% differential from the BoE rate.

    In 2008 they would charge 1.5% differential.

    Then I bet the rate converts to an even higher SVR.

    These banks are bleeding borrowers dry with their excessive IR.

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    Gentleman,

    I also look for re-mortgage.  Any recommended banks or lenders?  Thank in advance.

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    Amber Rose

    Without knowing the full details why has the financial broker suggested you re-finance your whole portfolio?

    Before any recommendation can be made a full review of your personal circumstances and portfolio must be carried out.

    The main aim would of course be to re-finance just the one property you wish to but if savings can be made on the others then he/she has a duty to discuss these with you but not force you to proceed with the re-finance.

    I would be happy to take a look at the one individual property for you

    Feel free to contact me

    Stephen – Property Tribes Financial Services

    T – 01206 654444

    E – stephen@ptfs.co.uk

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    You can contact me on 07919 564177 or call the team on 01206 654444 for personalised quote and advice or via the website at http://www.hdconsultants.net