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BTL Switch to Repayment?

Eti_Ket
Eti_Ket Posts: 1 Newbie
in Mortgages & endowments
Hello

We've rented out our former home for the last 6 years on a BTL interest only mortgage. An IFA advised us that this was the best course of action.
At the time, my OH and I were higher rate tax payers. I am now a basic rate payer.
My question is, baring in mind the changes to tax relief on interest only BTL mortgages, are we better switching to repayment to pay down some capital?
Many Thanks

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    edited 28 August 2016 at 9:16AM
    Changed this post totally as I misread the OP.
    As csghogan says, ask the IFA. Or post here with specific numbers since that's what matters and you provide zero detail.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    What does you IFA say now?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • amnblog
    amnblog Posts: 12,762 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    A question for your Accountant.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
This discussion has been closed.
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