Mortgage runs out end of march

a_j_mair

right currently i have 2 propertys, one the family home the other rented out

I have a mortgage on both

the mortgage on the rented property ran out last year and has been on the SVR since then

Our mortage runs out march


details

the rented property

house value - £90k
mortgage - £81.5k
personnel mortgage
90% LTV

our home
house value - £102K
mortgage - £68.5K
buy to let mortgage
67% LTV

currently the mortgages are the wrong way round, buy to let is our house and personnel mortgage is on let property

I have had a quick look at current provider RBS and can renew the BtL fixed for 5 years @ 5.99%
this means i could fix the mortgage payments to £500 pm and reduce the term from 23yr to 19 yrs

dont know if this is sensibile or not

Looking for some advice on best thing to do

a_j_mair

or i could just leave them both on SVR until interest rates start to go up

a_j_mair

looked into it some more

I am swaying towards leaving the mortgages as they are

current SVR is 4%

Thinking of going for the 5 year fixed deal on buy to let at 5.99% product fee is £699

i need to calculate the differnece from that and SVR though

1.99% + £699 fee

the thing that sways me is knocking 4 years off the term

any advice would be great

VIGILANT22

I don't know of any lender who would lend 90% on a BTL!!!???

a_j_mair

90% LTV is on a personel mortage

planning to leave it that way for just now