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worth remortgaging?
piggo
Posts: 17 Forumite
Apologies in advance for my limited financial knowledge. I would really welcome any opinions on my mortgage situation.
I co-own a flat and a BTL flat with my partner. Our mortgage has 7 years to run and has £30,000 left on it. The BTL is interest only for £100,000 with 11 years left on it. Both mortgages are cat mortgages on the standard variable rate. Each flat is worth about £450,000. The flats are in the same block.
We are both self-employed with v. low incomes (around £10,000 each).
The rent on the BTL is £1,300 per month and this covers both mortgages and all our bills.
We went to a financial advisor several years ago to see if we couldn't get a better deal or organise our finances better, and he said we were on a good deal & should stick with it. I've never been 100 per cent confident in that advice. Eg, I have always thought we would be better with no mortgage ourselves but a larger one on the BTL so we could claim it against tax. I suppose he was saying to us that on our incomes no one would give us a better deal.
Are we really in such a best situation we could be?
I co-own a flat and a BTL flat with my partner. Our mortgage has 7 years to run and has £30,000 left on it. The BTL is interest only for £100,000 with 11 years left on it. Both mortgages are cat mortgages on the standard variable rate. Each flat is worth about £450,000. The flats are in the same block.
We are both self-employed with v. low incomes (around £10,000 each).
The rent on the BTL is £1,300 per month and this covers both mortgages and all our bills.
We went to a financial advisor several years ago to see if we couldn't get a better deal or organise our finances better, and he said we were on a good deal & should stick with it. I've never been 100 per cent confident in that advice. Eg, I have always thought we would be better with no mortgage ourselves but a larger one on the BTL so we could claim it against tax. I suppose he was saying to us that on our incomes no one would give us a better deal.
Are we really in such a best situation we could be?
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