buy to let fixed coming to an end.

heavenly_heaven

i just got home having being worrying about the SVR for the property. i had a letter from Mortgage Express and it say my new repayment on an interest only will be at 2.25% which is great, in monetary terms my payments will be dropping from £730 to now £270 starting next month.

i am hoping to sit in SVR for the time being and then start looking for a new product when BOE rates get closer to the 1% mark.

you all have been with me through the years so i thought i should share a bit of good news with you all.

Thrugelmir

Are mortgage express offering any new mortgage options though?

heavenly_heaven

Mortgage express is not offering any new deals as they are closing and stopping any new mortgage business. we could have moved since JAn 2010 without any penalties.

Thrugelmir

Not wishing to sound negative, but the SVR may be increased over time to encourage people to leave.

luckyfool

Thrugelmir - Mortgage Express would already have done this if they were in a position to. Unfortunately for them, but fortunately for their customers, their products tend to revert to life time tracker rates so they have no real discretion to alter the rates.

Sibley

Thats great news. Good luck to you mate. Just goes to show property is still number 1 for making money.

Thrugelmir

luckyfool wrote: »

Thrugelmir - Mortgage Express would already have done this if they were in a position to. Unfortunately for them, but fortunately for their customers, their products tend to revert to life time tracker rates so they have no real discretion to alter the rates.

I waiting to see the outcome of the Skipton BS case, if it does go to court. As this will set a precedent for other lenders. If its decided that lenders can invoke the exceptional circumstances clause to break guaranteed contracted interest rates.

N&P BS did likewise earlier, and there hasn't been reported back down either.

Peelerfart

Sibley wrote: »

Thats great news. Good luck to you mate. Just goes to show property is still number 1 for making money.

No mate,

Just goes to show property is still number 1 for living in.

bingobob777

heavenly_heaven wrote: »

i just got home having being worrying about the SVR for the property. i had a letter from Mortgage Express and it say my new repayment on an interest only will be at 2.25% which is great, in monetary terms my payments will be dropping from £730 to now £270 starting next month.

i am hoping to sit in SVR for the time being and then start looking for a new product when BOE rates get closer to the 1% mark.

you all have been with me through the years so i thought i should share a bit of good news with you all.

so are you going to be sensible and use the £460 to pay off some off the balance? If not what is your plan to pay it off?

heavenly_heaven

you are right i intend to use the extra £460 to clear any debts which is an high interest paying like my credit cards and my residential mortgage in the long run, ther is no tax incentive to clear the BTL mortgage, rather will have to pay more tax by reducing the BTL mortgage.
to be honest i am willing to sit on theSVR even it creeps to $% as i was paying close to 6%.