I have had a mortgage illustration from one mortgage advisor recommended by a friend, but I'd like a second (or third or fourth!) opinion... Is there any reason (legal or etiquette) I shouldn't ask other mortgage advisors for their advice too?
I have had trouble finding good independent advice, apart from this one person. I contacted London & Country (recommended here and elsewhere) but they have failed to keep a phone appointment or call me back, so other recommendations would be very welcome :)
My situation is this...
I own my current home outright (no mortgage). It's valued at approx. £105-110K. I'd like to take out a buy-to-let mortgage on this house to release some capital to buy another, slightly larger home, also taking out a residential mortgage to purchase this. I have found a house I like which is on the market for £132.5K. I have savings which will cover fees.
The quotes/illustrations I have so far are as below. I'd be interested to know whether they sound like 'good deals'... I'd also be interested if anyone can recommend deals/providers that I should specifically ask an advisor to look at for me.
These figures feel affordable, so if anyone can recommend products that have lower overall costs but slightly higher monthly payments, I'd be interested in these too.
And since I'll be paying 'double fees' (i.e. on two mortgages) lower fees than these would be attractive as well!
Thanks in advance for any advice anyone is able to give me. :)
BTL:
Property Value £110,000
New Mortgage: £77,000
4.59% Fixed for 2 years
Arrangement Fee: £995
Booking Fee: £99
Std Valuation Fee: £132
Cash-back: £500
Interest Only 20 years
Early Redemption Penalty 2.5% loan amount
Anticipated rental: £500
TOTAL PAYMENTS: £299pm
New purchase:
Property Value £140,000
Deposit: £77,000
New Mortgage: £63,000
2.28% Fixed for 2 years
Arrangement Fee: £995
Booking Fee: £99
Std Valuation Fee: £163
Capital & Interest Repayment 20 years
Mortgage Payment: £333pm
Mortgage Protection: £30pm
TOTAL PAYMENTS: £363pm
I have had trouble finding good independent advice, apart from this one person. I contacted London & Country (recommended here and elsewhere) but they have failed to keep a phone appointment or call me back, so other recommendations would be very welcome :)
My situation is this...
I own my current home outright (no mortgage). It's valued at approx. £105-110K. I'd like to take out a buy-to-let mortgage on this house to release some capital to buy another, slightly larger home, also taking out a residential mortgage to purchase this. I have found a house I like which is on the market for £132.5K. I have savings which will cover fees.
The quotes/illustrations I have so far are as below. I'd be interested to know whether they sound like 'good deals'... I'd also be interested if anyone can recommend deals/providers that I should specifically ask an advisor to look at for me.
These figures feel affordable, so if anyone can recommend products that have lower overall costs but slightly higher monthly payments, I'd be interested in these too.
And since I'll be paying 'double fees' (i.e. on two mortgages) lower fees than these would be attractive as well!
Thanks in advance for any advice anyone is able to give me. :)
BTL:
Property Value £110,000
New Mortgage: £77,000
4.59% Fixed for 2 years
Arrangement Fee: £995
Booking Fee: £99
Std Valuation Fee: £132
Cash-back: £500
Interest Only 20 years
Early Redemption Penalty 2.5% loan amount
Anticipated rental: £500
TOTAL PAYMENTS: £299pm
New purchase:
Property Value £140,000
Deposit: £77,000
New Mortgage: £63,000
2.28% Fixed for 2 years
Arrangement Fee: £995
Booking Fee: £99
Std Valuation Fee: £163
Capital & Interest Repayment 20 years
Mortgage Payment: £333pm
Mortgage Protection: £30pm
TOTAL PAYMENTS: £363pm