is it worth re mortgaging?

chrishar

my only property is rented out on a consent to let, not sure for how long I will continue it. However the mortgage is now on the SVR at 3.89% and follows the base rate so if rates go up, so will my mortgage.

I do like the fact I'm not tied in though, I could redeem the mortgage at any time by selling the place or I could overpay without problems.

I just want to know if it's stupid or not to leave it like this, should I re-mortgage before rates go up?

ACG

How much is it valued at?
How much is the mortgage?

Do you declare it to the tax man? If so you can potentially write off the interest paid for the interest element of the repayments (not the repayment element), so if it is interest only theoretically it may not matter what rate you are on.

chrishar

Hi, it's valued at £140,000 with a mortgage of £70,000. I am considering re-mortgaging higher so I can have some money to do something else with.

I am torn between paying off the mortgage and being mortgage-free or the traditional buy to let model where you pay interest only with say 20/25% equity as a safety net.

ACG

There will be cheaper options available.