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Interest only Buy to let
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pict99
Posts: 26 Forumite
I have been renting out a flat for 3 years and have a £50000 interest only motgage on the property.
I am considering moving into the flat myself and wonder if there are pitfalls in this.
As I am a 65 year old man with no family, I do not want to pay off the morgage.
I recently comitted to a rate 3 percent over the Bank of England rate and this deal is for 5 years.
I am currently living in rented accomidation costing £300 a month.
All views and advice welcome
I am considering moving into the flat myself and wonder if there are pitfalls in this.
As I am a 65 year old man with no family, I do not want to pay off the morgage.
I recently comitted to a rate 3 percent over the Bank of England rate and this deal is for 5 years.
I am currently living in rented accomidation costing £300 a month.
All views and advice welcome
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Comments
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You would not be able to claim tax relief on the interest anymore.
I am not sure if the bank would or could object, although I suspect you would need to tell them.0 -
doubt you will get IO. At your age they will want some fast repayment.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Is it a buy to let IO mortgage though? If so you won't be able to move in yourself unless you change to a residential mortgagepoppy100
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I initially had a two years IO BTL and last year I got a 5 year dealThrugelmir wrote: »When is your mortgage redemption date? At some point the capital balance outstanding will have to be repaid.0 -
my dad got his interest only deal at 70 from alliance and leicester. He's now 79
After reading the following post I should add that it runs for something like 30yrs0 -
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simpywimpy wrote: »my dad got his interest only deal at 70 from alliance and leicester. He's now 79
Yes but that was years ago when banks were throwing money at houses.0 -
it was but what I was meaning was that A&L have always seemed to have a good age policy on lending.0
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