Advice please, not sure what to do re. mortgage?

snowb

Hi All

I am hoping someone on here can please help me re. best thing to be re. my mortgage as it is up for renewal and I am so confused

I have a flat in London that is valued at 240000 in the current market.
My current mortgage with Abbey is currently on an interest only variable rate (4.87) that was a special discounted rate for two years, but it due to expire next month where I will be on their current variable rate which I believe is 5.9%. My outstanding loan on the property is £210,590

I have contacted Abby to see what deal they can give me and they said the best deal they can offer me is the current variable rate that I will be on next month (5.9%) on an interest only mortgage. SO I would be no better off.

I want to change the mortgage to a repayment mortgage but is the best thing to do at the moment, esp as my month mortgage repayments will be very high due to increased interest rate AND repayment instead of interest only.

Also another point to add is that this will need to be a buy-to-let as the flat is currently let out.

Please help as not sure where to start / what to do for the best.

I probably need to give you more details to help but please let me know?

Thanks

S

_Andy_

So are Abbey aware it's rented out?