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Which mortgage to over pay?
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Keep upto £16K in the offset account as emergency savings and then if you have spare money pay 5% off the mortgage on the bungalow.
You should be able to offset the Interest you pay on the flat against profit you make on renting.0 -
paulbrannan wrote: »I was just hoping to sell it on once the market had risen a bit.
Personally I would keep your options open in the medium term.
One option is to have an offset mortgage on your residential property. That way you could accumulate funds, that a later date could be drawn down to clear the BTL mortgage. Whilst still reducing your residential mortgage in the meantime.
If you don't intend retaining the BTL property I would just clear the residential mortgage instead.0
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