Alternative to Ulster Bank Buy to Let Mortgage

markodwyer

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I have signed a contract to purchase a buy to let property shortly. I have a loan offer Ulster Bank but I'm concerned after last weeks announcement as I expect that they will off load the mortgage at some point in the near future and god knows who I will be dealing with in the future.

If possible, I would prefer to find some alternative that can work fast (I need to close the sale ASAP). Any suggestions?
 
You could apply to one of the other banks, BOI, AIB, PTSB, KBC, Haven, EBS, Finance Ireland. You could try asking them to process it quickly as well as you are under pressure.
 
Interesting question.

As it's tougher to get a Buy to Let loan, you might find it more difficult to switch when the fixed rate period is up.

So you could be stuck with a fund who would jack up the rates and you might not be able to do much about it.

The best protection might be to fix for as long a period as possible. But that depends on the rates on offer.

Brendan
 
Thanks, definitely getting a buy to let is more difficult in the current climate, I found it to be a slow lengthy process. Maybe its because the focus is more on the first time residential buyer market. The offer includes a 2 year fixed period which I could probably extend. That would certainly help but I can't control what happens when this ends unless I refinance. Maybe I am better taking the grief now before I'm locked in.
 
Doesn't hurt to try, engage with a few of them, as you may not have enough time for a slow one.

Ask UB if they can offer you any longer term fixed rates.
 
Which banks have the lowest btl rate, I'd study the rates and apply to them first.
 
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