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BTL Interest Free Mortgage ending, advice please?
Options
dotchas
Posts: 2,484 Forumite
My husband owns a BTL flat with an interest free mortgage. There is an endowment in place but there is likely to be a shortfall. Not sure who we approach about this? It won't be a huge amount but we would need a loan or Mortgage to pay it off.
Or does it make sense to get another interest free mortgage which would run into retirement?
Figures for help
FLAT value 110k
Mortgage 36k
Projected shortfall 9k
Rent 795pcm
We are going round in circles trying to find best option.
Or does it make sense to get another interest free mortgage which would run into retirement?
Figures for help
FLAT value 110k
Mortgage 36k
Projected shortfall 9k
Rent 795pcm
We are going round in circles trying to find best option.
:j I love bargains:j
I love MSE
0
Comments
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@dotchas Need to borrow 36k at around 35% LTV with a rental income of 800pcm. You should have no issue remortgaging to another BTL lender if you so wish, age at end of term can go well into retirement.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, 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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
1 -
What do YOU want?
You will be able to do interest only (rather than interest free, that would be 0% interest) or a repayment mortgage, but the key thing is what do you want.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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.1 -
Oops yes I meant interest only.
There is a endowment in place for 36k and the shortfall is projected to be around 9k.
Things are tighter than they should be financially as I have been over paid at work and will have to pay it back, so the money we planned to use to pay the shortfall may need to be used elsewhere. The whole thing has been very stressful and upsetting.
:j I love bargains:jI love MSE0
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