Compare 3 year fixed rate BTL mortgages
There are many reasons for why you want to take out a buy to let mortgage with a fixed rate for 3 years instead of an adjustable mortgage that tracks the rise and fall of interest rates. These include:
- Stability in knowing what you have to pay each month
- They offer you peace of mind
- Many only last between 2-5 years so if you decide you are not satisfied with your mortgage so that you can change it quickly
- You can budget the amount you need to spend each month without it changing
However, there are a few potential disadvantages that may come with purchasing a buy to let mortgage with a fixed rate for 3 years. Some examples could be:
- You may be charged a redemption penalty, which refers to the fee you pay for ending your mortgage policy too soon
- If the interest rates a low, then you could be paying more than you need to
- Some buy to let mortgage deals feature higher monthly payments than others
If you are planning on taking out a buy to let mortgage with a 3 year fixed rate policy, you may want to consider shopping around for the best deal. Before making your final decision, you should consider your costs and the monthly payments.
For independent buy to let mortgage advice call our mortgage team on 0117 332 6063.