Buy to let mortgages- advice?

[Messie]

Does anyone have any experience of buy to let mortgages?

I'm particularly interested in which are decent companies and which ones to avoid.

Many thanks

I've just done one of these with Mortgage Express (not completed yet) and will pm you with details. Posted here so peeps can criticize Mortgage Express if they have experience of the company.

Mortgage broker alert!

All lenders have their place.
There's no 'good lender' or 'bad lender'.

It's all down to individual choice of the type of scheme you want / can get.

Are you just going to do 1?, Do you want a 'line of credit' set up for the next 2 or 3 on the same scheme?

Consider
set up costs and get out costs. They're just as important as interest rate (and sometimes more important)

Cost out the whole thing over a set period.

ie How much will this cost in total over 2 or 5 years. including all costs, set up, get out, interest payments etc.

Good luck and pray for a rise in house prices - 'cos that's where the profit is

[Spiderman]

Originally Posted by Jools'SV Now

Mortgage broker alert!

All lenders have their place.
There's no 'good lender' or 'bad lender'.

It's all down to individual choice of the type of scheme you want / can get.

Are you just going to do 1?, Do you want a 'line of credit' set up for the next 2 or 3 on the same scheme?

Consider
set up costs and get out costs. They're just as important as interest rate (and sometimes more important)

Cost out the whole thing over a set period.

ie How much will this cost in total over 2 or 5 years. including all costs, set up, get out, interest payments etc.

Good luck and pray for a rise in house prices - 'cos that's where the profit is

What he said.

And dont pay brokers fees on top if you can avoid it. They do get commision from the lender you know

...all of which is declared on the mortgage illustration.

.....and yes, I do charge a fee on completion AND get £s from the lender.

It's like getting paid for materials (the mortgage) and labour (my time). Just like anyone else.

If other brokers don't value their own work - that's their problem.

[Spiderman]

Originally Posted by Jools'SV Now

...all of which is declared on the mortgage illustration.

.....and yes, I do charge a fee on completion AND get £s from the lender.

It's like getting paid for materials (the mortgage) and labour (my time). Just like anyone else.

If other brokers don't value their own work - that's their problem.

But if you look at it another way..... Its a clear conflict of intrest. Two parties are paying you, who is your client? Who do you have a legal and moral responsibility to? And who are you gonna "spin" the facts to?

Mate, this is coming from an ex-property salesman who was always jealous of the fact we only got paid from one side, the seller, yet did all the hard work and hand holding with the buyer too, to never got a bean out of them. Sometimes not even a simple Thank You.

Good luck to you, get a fee from every side if you can.

[Viney]

Originally Posted by Spiderman

But if you look at it another way..... Its a clear conflict of intrest. Two parties are paying you, who is your client? Who do you have a legal and moral responsibility to? And who are you gonna "spin" the facts to?

Mate, this is coming from an ex-property salesman who was always jealous of the fact we only got paid from one side, the seller, yet did all the hard work and hand holding with the buyer too, to never got a bean out of them. Sometimes not even a simple Thank You.

Good luck to you, get a fee from every side if you can.

Dont dress it up...you where an estate agent wasn't you...booooooooo

[Spiderman]

Originally Posted by Viney

Dont dress it up...you where an estate agent wasn't you...booooooooo

NO mate! Those weirdos are a breed to themselves. I was a property consultant dont-you-know

Yeah, lets have a go at estate agents, much more fun

... but a bit too easy


..........surely thers's more conflict of interest if I'm only paid by the lender?

i.e. who's going to pay the biggest lender fee? oh, I'll use them then.

whereas if the client also pays - I'm being paid by them to find them the best deal and not have to worry about making more £s out of the lender.

It cuts both ways - and debate has always been had. as long as people dont get ripped off paying £000's. (I'm very reasonable )

What's a property consultant?....and why don't they get paid?

[Spiderman]

Originally Posted by Jools'SV Now

What's a property consultant?....and why don't they get paid?

Someone who does just a little more than open a door and wait to see if the people he let in want to buy it. Someone who figures out what their buyers needs are (ie B2L over a short or long term) and advises accordingly.

Sadly in this counrty anyone who sells property or even advises about buying/selling property is covered by the 1977 Estate Agents Act. And in that act is clearly defines that you must only seek a fee from the vendor and never from the buyer. Even if the buyer is a firm of property developers who have far more savvy and money that the vendor does.

Didnt they regulate mortgage co.s so that they all had to offer the same fees to brokers for exactly the reason you mentioned? Or did all the mortage co's find a way round that one?