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To stick, fix, or shuffle?
saundersben
Posts: 3 Newbie
Hi, hoping I might be able to get some advice on my currentsituation. Here’s some background.
I currently have a small flat which I let out, valued at approx.£250k with an outstanding mortgage of £70k – it’s a variable rate mortgage currentlytracking at 2% above the Bank of England base rate, with another 1% added as Ihave permission to let the property (so current rate is 3.5%) and it has 13years to run. The monthly income is £975/ month.
I also have a joint mortgage with my partner on a propertyvalued at approx. £260k, with the outstanding mortgage currently £188k and ithas 18 ½ years to run. We’re about 18 months into a 4 year fixed deal at 4.04%.
What I’d like to figure out, is whether I should stick withwhat I have, fix the rate long term on the let property, or perhaps remortgagethe let property and use some of the equity to fund another buy to let. I’mjust not sure if the figures add up for the last option to be viable. Or,perhaps there’s something I’m missing that others would do!
Thanks, Ben
I currently have a small flat which I let out, valued at approx.£250k with an outstanding mortgage of £70k – it’s a variable rate mortgage currentlytracking at 2% above the Bank of England base rate, with another 1% added as Ihave permission to let the property (so current rate is 3.5%) and it has 13years to run. The monthly income is £975/ month.
I also have a joint mortgage with my partner on a propertyvalued at approx. £260k, with the outstanding mortgage currently £188k and ithas 18 ½ years to run. We’re about 18 months into a 4 year fixed deal at 4.04%.
What I’d like to figure out, is whether I should stick withwhat I have, fix the rate long term on the let property, or perhaps remortgagethe let property and use some of the equity to fund another buy to let. I’mjust not sure if the figures add up for the last option to be viable. Or,perhaps there’s something I’m missing that others would do!
Thanks, Ben
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