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Paying off BTL
Gam2015
Posts: 166 Forumite
Current situation living with parents but thinking of moving in my BTL maybe eventually. I have arround £37k in savings and the current mortgage on the house is 33k with a £330 fee for paying it off early. Would it be best to just pay the mortgage off in full then see what happens or keep the mortgage running and leave savings where they are :undecided
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Comments
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If it is a BTL mortgage you will need the lender's consent to make it a residential mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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So you have a BTL property and are paying X% on it while getting Y% on your savings !0
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You won't get the tax savings when you live in it, so it's fairly marginal whether to pay off the mortgage.
Some would say that having the mortgage means that you could have the money for a rainy day/ future investment/ car/ holiday....I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
While you have a BTL Mortgage YOU cannot live in the property.
If you pay it off YOU can decide to rent the property or live in it0
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