Disadvantage of paying mortgage off !!

jamesd

Dunnit wrote: »

You can offset the interest against the profit you will make so you would be bonkers to pay it off.

Under British law. The law of the new country of residence may be different.

sam1970 wrote: »

Because the lenders are very greedy and they deserve it. two years ago I thought about renting my house out and I thought I will do it the right way so I informed the lender. They refused permission and wanted to move me to BTL mortgage. My rate was 0.5% above BOE and they wanted to move it to over 6%..Obviously I did not bother

That was entirely correct of them. Not greedy in the slightest. You weren't going to use the property for the purpose for which the mortgage was granted so you needed to switch to a different mortgage priced for the different level of risk.

sam1970

Vectis wrote: »

or you could do it properly and be a responsible landlord to your tenants.

And in that case push the rental price up to reflect my extra cost

sam1970

lulabelle1 wrote: »

Sounds like a ploy to avoid paying tax to HMRC?

Nothing illegal about this..it is playing them by their game...I paid 40% taxes all my life so I dont need lectures..I supported many work shy people to sit on their ar***s and watch tele