opinions please switched 2 mortgages

  • Filter
  • Time
  • Show
Clear All
new posts

    opinions please switched 2 mortgages

    hey all

    ive applied to switch deals on 2 mortgages i have with rbs, theyre both pretty much the same, on offer 2.88% fixed for 5 years

    thats me going from £240 a month on each to £170 a month on each roughly

    there was a grand fee which ive added to fees rather than pay up front, it works out about 2 quid a month extra

    mortgages are interest only

    i feel £170 a month cost gauranteed on something im renting for £500 for 5 years is worth grabbing

    thoughts ?

    You've not provided any other comparison deals so £240 v £170 is a no brainer.
    "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

    What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.


      Oh dear , I regret to say that you are paying way over the odds for the peace of mind of fixing for 5 years, I hate to spoil your weekend but subject to your status you could borrow as low as 2.09% with at least 12 other schemes below the rate you have quoted.

      Switching deals with an existing lender might seem to be the easy route without all the hassle of form filling and possibly the fees of using a broker to advise on the best options available and in your situation rather than saving a few £’s this could have been more beneficial for you.

      More a case of More haste less speed.


        thanks for the feedback gents, i should of explained further that my circumstances make it difficult for me to secure new mortgages with other lenders due to a lack of traditional income, rbs are the least stringent, or at least they were when i took the mortgages out originally, switching deals with them doesnt take income into account.


          Thanks for clarifying your personal situation.
          Without wishing to probe can I just mention that there are a small number of lenders who have no minimum level of income as a prerequisite for being approved for a BtL; as long as you can show your income as well as the rental you might find that the rates are much lower than RBS; as a customer of RBS I find your assertions re their lack of concern over income to gain approval is of great concern and as a tax payer I just wonder why the government bailed them out if they can indeed be so cavalier with Tax Payers money.


            i may of painted an unfair picture of rbs in my previous post, when i said they were less stringent about my income i meant they were prepared to take a look at my position overall, there were a lot of providers that i hit a brick wall with as my employed income didnt meet their £20k minimum, rbs were happy to look at my self employment earnings and also earnings from rental properties i was making an income from and also dividends from a company im a shareholder of, i had to submit self employed inland revenue return and 3 months bank accounts.
            ive stuck with them as they are very easy to deal with and im happy with the deal that was on offer, i really dont like jumping through humps for an uncertain out come so taking a new deal with my current lender made sense to me

            i may be interested in discussing lenders you refer to in the future, i have a property i own outright currently on the market to rent, ill be looking to mortgage it once a tennant is in place

            while on the subject from memory most lenders want you to have an income of £25k is that correct ? and as proof they ask for 3 months payslips and bank statements.
            i dont operate this way but i could very easily put myself on a salary of £30k a year for 3 months, generate payslips, pay myself into my current account and provide the proof they need to get approved within their criteria, obviously id need to start the ball rolling 3 months prior to needing a mortgage offer. quite a flawed system dont you think ?


              Hi Broose
              I fully understand and accept your concerns but without wishing to appear patronising there is lending life outside of RBS , I am sorry that you hit problems before when seeking funding from other lenders but I am assuming that you tried to do it yourself rather than engaging a professional.

              Yes the majority of lenders do have a minimum income requirement of £25000 but as I have stated in my previous post there are lenders who do not have such minimum levels of proveable income. Those lenders who operate with these reduced requirements require whatever income is declared to be shown via Pay Slips, Bank Statements and importantly the Self Assessments showing the declaration of income from Land & Property. Not everyone fits the conventional but these lenders offer competitive rates.

              If you want to discuss anything ona confidential basis then please PM me.


                hello mr arranger thanks again for your views

                i started off in 2012 and my bank manager recommended a FA he knew, he did act for me, i gave him a brief of whats available no arrangement fee, free legals, free valuation, he came up with a list of what was available at the time, id tell him which i wanted and hed set the process in motion, i have 3 with rbs and 1 with tmw, he charged me under £200 for each one apart from 1 which he didnt charge me for at all, it was probably something i could of done myself but was happy to pay the amount he was charging for him to do it.

                ill drop you a PM when i get a tennant in place to see what you can do for me


                Latest Activity


                • Angel Investors
                  Hi all, recently joined and a newbie to the world of property.

                  The reason for the post is that I've just set up my SPV to build my rental portfolio in and a friend with some disposable income is interested in being an Angel Investor on a few deals.

                  Have any of you had Angel...
                  23-03-2018, 12:49 PM
                • Reply to Angel Investors
                  Your first consideration is the requirement for Proof of Deposit, it is not sufficient or indeed acceptable to state that the money is coming via an “ Angel”. They will want to know on what terms the money is being given, then he will need to show the origins of his monies and then your bank statements...
                  23-03-2018, 16:10 PM
                • having one or two properties?
                  quite a basic question, but if I have 110k and my property is worth 220k I have 50% equity.
                  If I remortgage for 165k and use the 55k as a 25% deposit on a buy to let, what are the pros and cons of doing so?...
                  04-03-2018, 13:14 PM
                • Reply to having one or two properties?
                  Never in history has interest rates been so low for so long, allowing investment in property, which inevitably has risen significantly. If you are right that wages will go up, then that also means inflation, which will bring interest rate rises on top of the interest rate rises that is already needed....
                  22-03-2018, 11:32 AM
                • Reply to having one or two properties?
                  Any cash buyer is going to bid to buy with a significant discount, much depends on your resolve or eagerness to sell. If the rental is below market levels then this should be addressed if you decide to keep the property.

                  Not disclosing the rental is indeed a significant handicap as clearly...
                  21-03-2018, 18:15 PM
                • Reply to having one or two properties?
                  As a single man of 36 should my first priority be buying my own house to live in?
                  Is the flat I own holding me back? I've had an offer of 15K below the asking price from a cash investor.Wants to pay £210k cash and rent it out for £9k a year but I guess he will increase the rent.
                  My dad...
                  21-03-2018, 16:05 PM
                • Lender options for HMO

                  I am looking to for a lender that would lend on a property that is a HMO and also the beneficial owner lives in the property.

                  Does anyone have any experience of this circumstance or indeed know any lender, or even advise on the class of loan that this could fall under?...
                  19-03-2018, 11:06 AM
                • Reply to Lender options for HMO
                  I regret to advise that there is no such facility within main stream lending. You are expecting an hybrid facility that embraces buying a property where the owner is going to remain in situ, the person and others are in fact members of the family which make the BtL Property a regulated loan and to wrap...
                  20-03-2018, 20:33 PM
                • Reply to Lender options for HMO

                  Thanks for the response.

                  The owner has other BTL properties and has owned and managed non-MultiLet for more than 10 years.

                  In the case mentioned above, the occupier is a family member of the legal owner (who has BTL experience 10+ years).

                  20-03-2018, 15:16 PM
                • Reply to Lender options for HMO
                  I regret to say that this is a proposition you should forget. There are two absolute No No’s in a Lenders vocabulary/ Mortgage application.
                  1) Will the vendor remain in the Property , if yes Go Away
                  2) If you are buying Property which has been sourced directly or indirectly by a Property...
                  19-03-2018, 22:31 PM