buy to let mortgage

doggone

I have a buy to let mortgage which is interest only for 2 years and the 2 years are up in Dec this year, Due to the interest rate cuts we now pay £81.00 per month this has halved recently from £174.00. I would apperciated some advice on what to change to in Dec when the interest only runs out please.

luckyfool

I suspect your fixed or discounted period runs out in December, NOT the interest only. If you took the loan out on interest only at the outset then it is likely to continue on that basis for the balance of the full loan term unless you make an application to change it.

You should check your paperwork to find out what your rate will revert to after the end of the deal, and can decide based on that whether you need to look at a new deal or remortgaging.

herbiesjp

What is the mortgage amount?
What is the proeprty value?
What is the rental income?

hearts

luckyfool wrote: »

I suspect your fixed or discounted period runs out in December, NOT the interest only. If you took the loan out on interest only at the outset then it is likely to continue on that basis for the balance of the full loan term unless you make an application to change it.

You should check your paperwork to find out what your rate will revert to after the end of the deal, and can decide based on that whether you need to look at a new deal or remortgaging.

This is correct. Also if your LTV is now below 75% you will just have to stay where you are and go onto whatever rate was in the deal. IE 2% above base or SVR. etc.
If your LTV is below 75% then you may have options to move, but most BTL rates are very high at the moment.