Repay or remortgage advice

Hi looking for post sequestration mortgage advice. I was discharged in 2013 and had a voluntary repocession carried out on my then home accomodation. I was however able to retain a rental property after buying out the ORs interest. This has now become my home property. My question is, should I change my current property mortgage from a interest only buy to let to a repayment with approx 10 years to go at approx £ 650 pcm. Or would I be better keeping the current low interest only payments and saving a deposit up for when I am 6 yrs post BR and getting fresh mortgage and possibly re letting out my old rental property to assist with the payments, which would be over a max of 17yrs. Any advice greatly appreciated as I am at a loss what to do for best. Thanks.

Comments

  • nomoneytoday
    nomoneytoday Posts: 4,866 Forumite
    First Post First Anniversary Combo Breaker
    You're comparing apples and oranges.
    Shouldn't the question be, "do you want the risk and reward of being a landlord"?
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards