Bulk BTL finance

[Samster]

Hi,

I currently own 4 BTL's and 1 residential property, with a sum total of approximately £1.6 million sterling. While i have 1 great mortgage, a couple of the others are on the SVR (unforunately with Chelsea Building Society) and i have 1 fixed and 1 SVR tracker (again with Chelsea). So all in all we are making a respectable profit each month.

However i would like to take all of the mortgages up and lump them all, or maybe just all the BTL's, under 1 large fixed rate finance deal to reduce my mortgage costs across the board and increase my monthly profit. Ideally under a flexible deal but otherwise fixed for 3 - 5 years.

So far i have just used high street lenders but when you get to a certain size is there anywhere else that you can go to get competitive mortgages for the properties? Where to the big property landlords go for finance for example?

Any help would be much appreciated.

Thanks

S

[Poppy]

I purchased my BTLs with a variety of mortgages: fixed and tracker rates. I think it's a good thing.

You should consult a whole of market mortgage broker.

[standleymt]

Over a million if the yields stack up and properties decent quality commercial lenders will/may be interested such as Nat West (RBS).

However the margins will be large 3%+ over BOE (probably 4%) which may seem cheap now at 4% but what happens when rates go back to 5% so you are paying 9%, will you still be happy with your "clever profit" then?

Unless you believe we are in for an extended period of deflation and low interest rates (ignoring the huge amounts of money this government is creating and monetary inflation down the road).

Personally I am sticking with my variable mortgages on the currently low reversion rates (some as low as 0.89%) and have a interest rate insurance in place to safeguard against a possible huge rise in BOE rate.

[schocca]

Hi standleymt, can you expand on the "interest rate insurance" product? is this just a fixed rate mortgage or another kind of product?

Thanks,

schocca.

[schocca]

Hi standleymt, can you expand on the "interest rate insurance" product? is this just a fixed rate mortgage or another kind of product?

Thanks,

schocca.

Don't worry about answering this - Google provided the answer...

[mind the gap]

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