We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage dilemna
Options
Diamond2
Posts: 2 Newbie
Duplicate - also posted under Mortgages - Endowments as unsure which was most appropiate.
Hi there
Hi there
Any advise would be much appreciated please.
I am a accidental landlord and have been so for the past 7 years. The property is now up for sale.
At the end of April my current fixed BTL mortgage (currently £555 per month and £242k interest only), comes to an end, raising my mortgage to £1186 per month on the variable rate. A new mortgage transfer with the same lender would be cheaper, but it has a redemption charge at £5500k during the 1st year, (and £484 monthly payments).
Can you advise the best thing to do while waiting to sell, bearing in mind the current BTL fixed rate ends in just over 1month.
I also currently have a small (£27k) mortgage on my current flat.
Would it be worth selling/renting out ny flat and moving back to the rental proprty?
Would it be worth selling/renting out ny flat and moving back to the rental proprty?
I look forward to hearing from you.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards