Advice on BTL mortgage......

Spider_Queen

I relocated with my husband in 2005, our property that we lived in for 6 years on a joint repayment mortgage gained 100k equity however after sitting empty and us paying the bills it didnt sell and we decided to swop to a interest only Buy To Let mortgage. We became landlords through circumstances of not being able to sell the property.
7 years later we are still renting the property out (via letting agents) and are still on the interest only btl mortgage. The rent cover the mortgage fees, building insurance & letting agents fee plus leaves around £150 per month towards maintenance/future repairs on the property. There is 80k left to pay on the mortgage. My question is....Are my husband and I better to leave the btl mortgage as it is on interest only or should we swop to repayment?
I am not good with property mortgage choices, I feel like whatever I do I dont get ahead-please bear in mind that my husband and I are also paying £1500 a month between us for our repayment mortgage on the house we live in too so am not even sure the mortgage lenders would give us a repayment btl.

dimbo61

You can offset the IO mortgage payment against TAX if you have a mortgage.
Changing to repayment would mean that you lose money every month so stick with the IO payments and build up savings.
Overpay the mortgage on your current home if you have spare money

Spider_Queen

Thanks dimbo61 for your reply. I am self employed so my accountant deducts IO payment against tax and takes care of that side of things.
Good idea about the overpayment on my current mortgage.

Thrugelmir

I would question whether letting the property is worth the trouble. The equity may be invested elsewhere.