should I pay off my buy to let or my private mortgage

savinglikemad

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hi we have recently sold our house and are considering the option to transfer £70000 old mortgage as the rate charged is .95 over bank of england base, on an interest only basis. (17 years left to run) Currently calculates to £73 a month. I have several buy to let houses with small mortgages on that finish in about 10 - 12 years. All on brill rates of up to 2% over base. Except for one house we owe £62000 repayment at a rate of 4.84 their SVR this has 17 years owing new repayment to be advised just changed from 5 year fixed rate. (think it will be about £435) Should I pay off my buy to let with my private mortgage, as I think I will be better off even taking taxable allowance for interest on buy to let. Also hubby and I wish to retire due to hubby ill health and this will give us £362 extra income each month. (I know some is repaying capital but at the moment income is very important) I have alternative method to pay the private mortgage when required in place. views / advice please

kingstreet

considering the option to transfer £70000 old mortgage

Are you talking about porting your current mortgage rate on to a new mortgage on a new property? You cannot transfer mortgages between properties and porting a rate is only available to you when selling one house and buying another.

Thrugelmir

savinglikemad wrote: »

Should I pay off my buy to let with my private mortgage,

You will not be able to port your mortgage product to a property you already own.

savinglikemad

hi
I will be porting my current private mortgage on my current house which is sold to my next private house which I dont currently own but am in the process of buying