Buy to let- pay off?

Gorgeous_George

My BTL is Base + 0.89% and my residential is base + 0.74%. There are better deals but, IMHO, not worth the hassle especially as the residential mortgage is with Britannia - a building society that pays a 'dividend' to its members.



GG

Gorgeous_George

maxmycardagain wrote: »

sell BTL 3, its getting you no money, and the equity will pay off ALL your mortgages.......

That, of course, makes a lot of sense. However, we don't know the reasons why the OP wants to allow a family member to live rent-free.

GG

djbd1973

maxmycardagain wrote: »

sell BTL 3, its getting you no money, and the equity will pay off ALL your mortgages.......

That would get rid of the relative. Is it wise to make a business decision that involves family as this could be seen as unscrupulous and could cause conflict (well it would in my family anyway)?

Although you could argue that if they are getting lodgings rent free anyway they are saving alot of money on a monthly basis so they have already gained albeit on a temporary basis.

That would be a tough decision for me to call but I can understand it.

busy_b

They live there rent free, because they paid for half of the property. (My sister and i get the house in the end anyway!!)
It's complicated but it makes sense to me, it's hopefully a very long term investment that I don't really want to cash in, Ever!

Anyway, the way I look at it, Buy to Let Number one, pays the mortgage on BTL No: 3.
It might not make great financial sense but it's worked so far.

Thanks for all the input and having shopped around today, I agree that Woolwich/Barclays are offering some great offsetting deals.
Plus their staff seem to know exactly what they're talking about, (which makes a change from another High Street Lender that I am currently with, who didn't have a clue what I was talking about!).

djbd1973

busy_b wrote: »

Thanks for all the input and having shopped around today, I agree that Woolwich/Barclays are offering some great offsetting deals.
Plus their staff seem to know exactly what they're talking about, (which makes a change from another High Street Lender that I am currently with, who didn't have a clue what I was talking about!).

I would personally have a meeting with a good Independent Mortgage Advisor who would have access to the WHOLE selection of mortgages on the market and not just what Barclays have to offer even if it is good.

There may even be a better one out there for you. Worth asking the question I would say.