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Advise on the next steps!
simmonds87
Posts: 1 Newbie
Hi all 
Bought a property with my brother £180,000
We had £50,000 deposit from our parents, so mortgage of £130,000
We took out a fixed 5 year mortage for 35 years - which the fixed 5 years will end next year.
Mortgage cost £630 per month. however we have been overpaying by £500 each month from the beginning (we decided to rent it out, and not move in ourselfs).
As we are renting this out we have joint account and and surplus (rent vs mortage vs overpayment payments) has been addding up here also so we have an additional £5k saved.
We obviously want to cut our years down! but what would be the best way for this?
Wait for the fixed 5 years to be over then remortage with additional £5K and increase the actual mortgage payments to arround £1000 a month? With maybe £130ish overpayments?
Bought a property with my brother £180,000
We had £50,000 deposit from our parents, so mortgage of £130,000
We took out a fixed 5 year mortage for 35 years - which the fixed 5 years will end next year.
Mortgage cost £630 per month. however we have been overpaying by £500 each month from the beginning (we decided to rent it out, and not move in ourselfs).
As we are renting this out we have joint account and and surplus (rent vs mortage vs overpayment payments) has been addding up here also so we have an additional £5k saved.
We obviously want to cut our years down! but what would be the best way for this?
Wait for the fixed 5 years to be over then remortage with additional £5K and increase the actual mortgage payments to arround £1000 a month? With maybe £130ish overpayments?
0
Comments
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So you have a BTL mortgage on the property ?
You decided to rent it out rather than live in it ! have you told the TAX man ?0
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