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  • advice needed

    i need help here on advice as i personaly think im being offered a bum deal ,

    Right i am lookinhg at buying a flat as i am coming out of a relationship , at present i have a flat in which i let out on a buy to let morgage in which i owe £30,000 but property is worth £100,000 , i know i could give tennents notice in which i would have to give 3 months notice but due to them having kids & being good tennents i dont want to give them the notice ( this is my own choice )
    I am looking at taking money out of my other flat as a deposit for a flat in which i intend to put an offer in for with the price of £80,000 , i have already spoke to a morgage broker but when i am looking on the net i can see better deals at lower intrest rates ???? and the only bank this bloke is dealing with is the RBS who he says has the best deals on at the moment ??? now im not that great with figures but the rates from this bloke & online varry .

    discussed the Mortgage quotes are as follows -

    Purchase Price £80,000
    Deposit 10% £8000
    Mortgage £72,000

    The 2 year fixed rate is 4.59% with no arrangement fee.
    The payment over a term of 20 years is £459.
    The payment over a term of 15 years is £554.

    The 3 year fixed rate is 4.89% with no arrangement fee.
    The payment over a term of 20 years is £471.
    The payment over a term of 15 years is £565.

    The 5 year fixed rate is 5.33% with no arrangement fee.
    The payment over a term of 20 years is £488.
    The payment over a term of 15 years is £582.

    If you increase the deposit to 15% (£12,000), then the Mortgage will be £68,000.
    The rates are then as follows -

    The 2 year fixed rate is 3.74% with no arrangement fee.
    The payment over a term of 20 years is £403.
    The payment over a term of 15 years is £494.

    The 3 year fixed rate is 4.05% with no arrangement fee.
    The payment over a term of 20 years is £414.
    The payment over a term of 15 years is £504.

    The 5 year fixed rate is 4.55% with no arrangement fee.
    The payment over a term of 20 years is £432.
    The payment over a term of 15 years is £522.

    Finally if you increase the deposit to 20% (£16,000), then the Mortgage will be £64,000.
    The rates are then as follows -

    The 2 year fixed rate is 3.48% with no arrangement fee.
    The payment over a term of 20 years is £370.
    The payment over a term of 15 years is £457.

    The 3 year fixed rate is 3.79% with no arrangement fee.
    The payment over a term of 20 years is £381.
    The payment over a term of 15 years is £467.

    The 5 year fixed rate is 3.94% with no arrangement fee.
    The payment over a term of 20 years is £386.
    The payment over a term of 15 years is £471.

    All mortgages are based on a repayment basis.

    After the fixed rate finishes, the standard variable rate is 4%.
    All of these Mortgages are from RBS.
    RBS will allow a residential mortgage for a second property up to 90% loan to value.

    If you can see from what i have been sent is this a good deal i am being offered or should i shop around for a better deal , id be greatful if someone could put me right on this many thanks

  • #2
    Re: advice needed

    Thanks for sharing this information
    Property To Rent

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