Switching Investment Mortgage

D

Daddy

Registered User
Messages
715
Is it possible to switch a buy to let mortgage in the same way as an ordinary home loan mortgage.

Do any banks pay the switching costs on a buy to let mortgage.

Thanks.
 
Please post investment property queries in the correct forum. I had to move this one from the Mortgages and Home Buying forum.
 
Hello,

I don't think switching this mortgage would differ greatly from switching an ordinary home loan mortgage i.e. cost of breaking a fixed rate, ordinary LTV and repayment calculations carried out by the new lender etc etc.

In terms of banks paying switching costs it really is all about the dynamics of the market, size of the loan etc. If you have a buy to let loan with a large principal outstanding then I'm sure the bank will compete strongly for the business i.e. they may pay remortgaging legal costs even if they don't have a published policy of doing so. Buy-to-ley mortgages aren't as widely advertised as loans for owner-occupied houses so you will be unlikely to see an ad for a buy-to-let mortgage including payment of remortgaging legal costs but that doesn't mean they won't do it if there's money to be made. I would suggest you find out the participant banks in your marketplace and start describing your scenario to them... that's the only sure way of finding out!

Regards,
INBSMember
 
Have a quick chat with your solicitor, you should be able to switch your mortgage for around €600-800

If you can get a 1% reduction in your interest rate on a loan of €100k then the reduction will pay for the costs, €200k and you saving money

Banks generally don't give anything away, if they pay your costs they try to recoup it another way

I think it can be better to negotiate on the bigs issues that will last a long time, ie the interest rate, and then see if they will throw in costs at the end

[email protected]
 
You must log in or register to reply here.
Back
Top