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Best mortgage deal for a buy to rent?

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Anyone in the know regarding mortgages for a property being rented out? I've recently moved into my new house with the view to rent out the old place, any advice regarding which mortgage/lender to go … Read More
horacehogarth Avatar
1d, 2m agoPosted 1 decade, 2 months ago
Anyone in the know regarding mortgages for a property being rented out? I've recently moved into my new house with the view to rent out the old place, any advice regarding which mortgage/lender to go for on the rental property would be much appreciated. thanks
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horacehogarth Avatar
1d, 2m agoPosted 1 decade, 2 months ago
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#1
I went to a financial advisor as i was in the same situation to you. The best deal he found for me was with USB home loans, fixed rate for 2 years. You will pay a slighly higher interest rate on a buy to let mortgage. Financial advisor was free as he gets commision from mortgage companies and not you so worth asking one of them
#2
MANJ_007
I went to a financial advisor as i was in the same situation to you. The best deal he found for me was with USB home loans, fixed rate for 2 years. You will pay a slighly higher interest rate on a buy to let mortgage. Financial advisor was free as he gets commision from mortgage companies and not you so worth asking one of them


.... as long as you can be sure he is giving you the best deal as opposed to the one paying the most commission!

Some financial advisors will take a fee (so negotiate!) and pass back any commission to you, so you can be confident they are not looking at the best commission vs the best deal.

Make sure the advisor is independent as well and not tied to some company.
#3
erics
.... as long as you can be sure he is giving you the best deal as opposed to the one paying the most commission!

Some financial advisors will take a fee (so negotiate!) and pass back any commission to you, so you can be confident they are not looking at the best commission vs the best deal.

Make sure the advisor is independent as well and not tied to some company.


TRUE. THE ONE I USED WAS BRILLIANT HE SHOWED ME A LIST OF THE TOP 20 LENDERS HIS COMPUTER CHURNED OUT FOR THE DETAILS I PROVIDED AND EXPLAINED WHY HE WAS RECCOMENDING THAT SPECIFIC ONE. THEY ARE NOW MONITORED BY A PROFESSIONAL BODY.
#4
MANJ_007
TRUE. THE ONE I USED WAS BRILLIANT HE SHOWED ME A LIST OF THE TOP 20 LENDERS HIS COMPUTER CHURNED OUT FOR THE DETAILS I PROVIDED AND EXPLAINED WHY HE WAS RECCOMENDING THAT SPECIFIC ONE. THEY ARE NOW MONITORED BY A PROFESSIONAL BODY.


There is no need to shout, I wasn't accusing anyone, just posting a warning to make sure you know the background to the recommendation. This is especially relevent if your Financial Advisor, though regulated, is tied to a company thus limiting his recommendations. The issue of receiving "free" advice vs paying is also relevant as it may be cheaper to pay for the advice if your IFA gives you back the commission.
#5
Sorry, just signed in and my name is in CAPS, forgot to turn it off.

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