Are you paying more than you need to?

Despite the recent interest rate rise, mortgage interest rates are still at historic lows. Yet many Landlords are still paying more than they need to.

Some Landlords are on a Standard Variable Rate (SVR) and paying up to 5.6%, compared with the best BTL mortgage deals at 3.5% or less, so are you missing out on substantial savings?

The situation could deteriorate if the Bank of England hikes the base rate further, a move that would make SVRs even more costly.

To illustrate the issue, the average Standard Variable Rate is around 5.6%, which is a lot higher than the best fixed mortgage rates.

Example monthly payment on £150,000 mortgage @ SVR 5.6% £700 Interest only.

Example monthly payment on £150,000 mortgage @ Deal 3.5% £437 Interest only.

Massive saving of: £263 per month x 12 months £3156 per year!

Two of the biggest issues for many Landlords is time and they are baffled by the thousands of products on offer plus the complex fee and interest rate combinations.

How will a broker help?

Using a broker has several advantages and will certainly deal with the two key issues landlords have regarding mortgages. A broker will have the full range of buy-to-let mortgages available to him/her enabling them to advise you of the best deal to meet your immediate and future needs. The broker will ask questions so as to establish your requirements and will then research the total market to find the mortgage best suited to your situation, saving you time and money.

Can we help?

If you would like to see if we can save you money please make contact and one of our qualified advisers will be happy to help.