We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
changing my repayment btl to interest only
imagine007
Posts: 3 Newbie
Good morning all,
I am new to this and just wanted your expert opinions please.
i have a btl repayment mortgage with mortgage express on a tracker rate currently 2.99% ad hasn't moved for circa 5 years or so paying £497 per month.
Total outstanding £70 k, property currently worth circa 125k, 15 years to run. rent is £550 per month before any management fees, income is actually £477.
I am considering remortgaging to an interest only mainly for tax purposes, i am aware that as the mortgage decreases the the interest only relief will disappear. There is good equity in the property and lookin around i can reduce my payment down to circa £130.
I can retire from the police in 6 years and will expect a lump sum of some £125 k.
Am i wiser to change to interest only and use some of the spare money to bolster monthly income bearing in mind i will have the means to pay off the balance without any problem.
thank you
I am new to this and just wanted your expert opinions please.
i have a btl repayment mortgage with mortgage express on a tracker rate currently 2.99% ad hasn't moved for circa 5 years or so paying £497 per month.
Total outstanding £70 k, property currently worth circa 125k, 15 years to run. rent is £550 per month before any management fees, income is actually £477.
I am considering remortgaging to an interest only mainly for tax purposes, i am aware that as the mortgage decreases the the interest only relief will disappear. There is good equity in the property and lookin around i can reduce my payment down to circa £130.
I can retire from the police in 6 years and will expect a lump sum of some £125 k.
Am i wiser to change to interest only and use some of the spare money to bolster monthly income bearing in mind i will have the means to pay off the balance without any problem.
thank you
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards