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  • Mortgages & Finance

    Todays BTL Best Buys

    Hi Guys
    Here are the current Best Buys for BTL mortgages:
    Company Rate Mortgage Period Max LTV Fee ERC
    TMW 3.39% Variable 30/04/2010 70% 3.5% 30/04/2010
    C&G 4.79% Variable 31/08/2012 75% 2.5%* 31/08/2012
    TMW 3.89% Fixed 30/04/2010 70% 3.5% 30/04/2010
    TMW 5.19% Fixed 30/04/2011 70% 3.5% 30/04/2011
    C&G 5.29% Fixed 31/08/2012 75% 2.5%* 21/08/2012
    *Please note with C&G there is a £99 booking fee
    Regards
    Wasim
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    Hi
    Sorry cannot get the Table to display properly at the mo.
    Regards
    Wasim
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    Hi Wasim
    Do you foresee the return of the 85%LTV BTL mortgage in the near future?
    I see NatWest are offering 85% LTV to existing BTL customers switching product. Presumeably they are trying to persuade people on lifetime trackers to release equity and move away from loss making deals (for the bank)
    Adrian
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    Adrian Standing said:
    Hi Wasim
    Do you foresee the return of the 85%LTV BTL mortgage in the near future?
    I see NatWest are offering 85% LTV to existing BTL customers switching product. Presumeably they are trying to persuade people on lifetime trackers to release equity and move away from loss making deals (for the bank)
    Adrian
    Hi Adrian
    I think the move by Natwest is great news for "their" investors. Natwest have taken a view on the current situation and have taken the bull by the horns so to speak.
    Their longterm plan is, in my opinion, to allow their customers to remortgage onto a similar product, rather than to force them to look at moving an 85%LTV mortgage onto a 75%LTV mortgage product. This as we know is not possible in the current climate and would mean that the debt stays with Natwest. If Natwest didnt do anything then sooner or later these mortgage holders may start defaulting on the loans.
    As far as 85% BTL mortgages go, i dont think they will be back some time soon. Mainly because:
    * Banks still see BTL as Toxic
    * Banks do not want to be the first to market
    * Banks know that the Bad Press they have given BTL means that they cannot just bring out juicy products. Most people associate the problems the banks are facing at the moment with bad debt...according to banks this is BTL.
    * Whilst under Public ownership banks know that their focus must be on providing money for Good debt, debt that is considered safe and will make them money...allowing them to pay the taxpayer back.
    This is just my take on the situation.
    Best regards
    Wasim
    Broker Extraordinaire
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