deanthedecorator

deanthedecorator

Can anyone offer me some advice..
I have a £110,000 mortgage on a property worth £450,000 with 15 years to go on endowment/ peps maturity.
I have a buy to let property worth £130,000 with no mortgage, £25,000 in premium bonds and £40,000 cash saved.
:rotfl:
Should i keep the mortgage on my property going or pay it off with one of the above ?

EdInvestor

Post some info about the endowments
Guaranteed sum assured
Declared bonuses
Surrender value
Monthely premium
Maturity date
Maturity forecasts
Interest rate payable on mortgage

koexelek

It might be an idea to raise a mortgage on the buy to let property and use some of that capital to repay your residential mortgage.

That way, you can offest the rent you receive on the buy to let against the mortgage interest.

However, buy to let mortgages tend to cost more than residential ones, so you need to make sure you save enough tax to make sure it is worth doing

dimbo61

As koexelek has said it you took out an interest only mortgage out on the BTL property you can offset the mortgage costs against your profit from renting the property.
I would cash in the premium bonds ( how much have you won ? ) and pay off some of your mortage to give you a better LTV on the BTL property.
Save and overpay on the mortgage and try to become debt free ASAP
GOOD LUCK

feisty1

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Can anyone offer me some advice..quote=deanthedecorator;discussion/1232681]

Do yr assets mean so little to u?

Do u really expect to rcv ADVICE on here? U will get plenty good meaning people with suggestions, but yr circumstances are specific to u, nobody knows yr tax situation so u may not have suggested the most tax efficient products etc..............

I am a advisor & i have been coming on here for approx 1 week now & i cannot believe what little respect have for their finances etc by turning them over to a public forum??????????

Nile

Hello deanthedecorator

Welcome to the MSE site.:wave:

You'll find that there are lots of friendly members who are happy to help people here.................and fortunately only a minority who are the opposite.;)

Regards

Nile