Mortgage renewal for BTL

Printer

Hi i'm hoping someone can help me....

I bought a property for 80k 4 years ago (putting down 25k deposit) and had a 3 year fixed mortgage.

After the 3 years it dropped to 1.0% above base rate so my mortgage obviously dropped.

I've left it at that at the moment as this is obviously a good deal but the rates at the moment are low and i'm thinking perhaps I should fix.

My question is, is this considered a remortgage or just a new one?

I know it sounds silly but my initial searching online allows me to pick new BTL or re-mortgage....i'm just confused by the wording!!!

Thanks all....

tunnel

Are you saying its 1% above BOE base rate, if so..i'd stick with it rather than remortgage, no point getting a 2 year fix for 2%ish then having a follow on SVR which is probably double that. One of my properties is on 2% above base(2.5%) and I certainly aint changing it anytime soon.

Printer

Yeah that's right.

That's what I would expect people to say and i'm happy with that.

I'm saving the additional cash to pay off a lump sum by dec (overpayment scheme is jan to dec)

Wont be a huge amount put possibly 2-3 k

If that could carry on for a few years the mortgage would be gone in no time....

Printer

So a few months down the line are opinions still the same?

I've heard in the news that the markets are expected to move and I've heard encouragement for people to fix but to be honest i'm not buying it.

I think it'll still be competitive in a few years and the rates will still be good but i'm no expert.

Looking at L&C Plc are recommended by MSE they have some rates at 3.7% ish but for only 2 years...i'm thinking I'm better off where I am at.

So, when the question does arise of a new mortgage needed what do I ask for?

A remortgage of a BTL or a new mortgage but for 19 years for example?