Surely I am not the only landlord worried about new EPC requirements?9:44 AM, 17th February 2021
About 3 weeks ago 128
I am a prospective first time landlord and am asking for any advice regarding buy to let mortgages.
I am looking to buy a property for around £80k (with a £20k deposit). The best interest only mortgage I can find is a 2 year fixed rate mortgage at 3.7% (£185 per month), or a 5 year fixed rate at 4.64% (£232 per month).
I plan to keep the property for the mid to long term, so bearing in mind interest rates may well go up in the next year, I am considering fixing for 5 years. The only big drawback I can see in doing this would be if I wanted to re-mortgage during this time, as I would incur a 5% early repayment charge within the first 3 years, and a 3% charge after this.
What are people’s thoughts about fixing for the longer period? Do you think it would be better to go for the shorter term to have greater flexibility or go for the longer term to have more peace of mind?
Any advice is much appreciated.
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