Buy-to-let mortgage and re-mortgage options at lowest rates for several years
Thursday 14 May, 2020
If you are a buy-to-let investor requiring a commercial mortgage or you are a homeowner, wanting remortgaging advice, review our mortgage options below.
Mortgage Option 1
£150,000 loan with a 25-year term
Fixed rate of 1.19% until 31.07.22
Monthly Payment £148.75
Early repayment charges will apply until 31.07.22
The overall cost for comparison is 4.5% APRC
For an interest only mortgage you would pay 26 payments at a cost of 1.19% with monthly payments of £148.75, followed by 274 payments at a variable rate which is currently 4.74% with monthly payments of £592.50. Total amount payable £320,358.
The illustration is based on an interest only mortgage.
Mortgage Option 2
£200,000 loan with a 25-year term
Fixed rate of 1.19% until 31.07.22
Monthly Payment £198.33
Early repayment charges will apply until 31.07.22
The overall cost for comparison is 4.5% APRC
For an interest only mortgage you would pay 26 payments at a cost of 1.19% with monthly payments of £198.33, followed by 274 payments at a variable rate which is currently 4.74% with monthly payments of £790.00. Total amount payable £426,827.
The illustration is based on an interest only mortgage.
Please note that if you are reading this after 5th May 2020 you will need to contact the Thomas Oliver mortgage broking team on 01707 872000, as the Illustration rates will have changed.
Thomas Oliver provide the following services in relation to buy-to-let mortgages and re-mortgages:
- Mortgages
- Remortgages
- Product Transfer
- Further Advances
- Interest Only Mortgages
- Repayment Mortgages
- Variable Mortgages
- Tracker Mortgages
- Fixed Mortgages
Marian Isciuc, Mortgage Broker in Harlow, Essex & Cheshunt, Hertfordshire said:
‘Following the reduction in base rates in March 2020 the illustrated rates that are currently being offered by mortgage lenders are now generally much lower than the illustration rates we provided in November 2019 or the previous year. Please remember that if you are reading this after 5th May 2020 these illustrative rates are no longer available, but if you call our mortgage brokers in Goff’s Oak on 01707 872000 we can provide you with the actual mortgage rate you will pay on a buy to let mortgage or a remortgage, as this will vary depending on your own financial circumstances.’
Marian Isciuc, mortgage broker in Grays, Kent continued:
‘We are taking on new clients although we are working from home so if your mortgage is due to renew or you are a first-time buyer wanting a mortgage for a new home please contact us for a free initial mortgage consultation. If you contact us before you go house hunting, we can give you an idea about how much money you will be able to borrow. For any existing Thomas Oliver clients due to remortgage or move home this year we recommend that you contact us at least four months before you move house or your existing mortgage product comes up for renewal so we can offer you mortgage advice and find you the best mortgage for your personal circumstances. Using a mortgage broker often saves you time and money, To find out how we can currently offer you mortgage advice over the phone or via video conferencing, contact our mortgage broking team now on 01707 872000.’
Your property may be repossessed if you do not keep up repayments on your mortgage. Thomas Oliver UK LLP are appointed representatives of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
