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BTL mortage query
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schoey123
Posts: 45 Forumite
My new tenant had paid me 6 months rent up front. After deductions for various fees I'm left with 3k.
Essentially, I'd like to pay the next 6 months mortgage payments (Sep-14 to Feb-15) now instead of paying 6 monthly instalments. The idea being my mortgage balance would reduce now and incur less interest going forward.
The only way I believe I can do this is to ask for a mortgage holiday and then pay down the mortgage by 3k.
Any other ideas?
Essentially, I'd like to pay the next 6 months mortgage payments (Sep-14 to Feb-15) now instead of paying 6 monthly instalments. The idea being my mortgage balance would reduce now and incur less interest going forward.
The only way I believe I can do this is to ask for a mortgage holiday and then pay down the mortgage by 3k.
Any other ideas?
0
Comments
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Speak to the lender, but I doubt it will be possible.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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It'll save you less than £50 in interest so hardly a big issue if you cannot. Stick it in a savings account to mitigate your loss.Thinking critically since 1996....0
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