Stuck with a High-Interest BTL Mortgage from Halifax - Overpay, Switch, or Consult Broker

Gary_Laurus

👋 Hi everyone,

I've had a Buy-to-Let (BTL) mortgage with Halifax for a while now and I'm wondering if I'm on one of the worst deals out there. Here are the details:

- Type: Variable Rate Tracker Mortgage

- Interest Rate: 9.6%

- Remaining Balance: £40,000

- Remaining Term: 5 years

- Current House Value: £220,000

- Loan-to-Value (LTV) Ratio: ~18%

Given these details, would it be better to:

1️⃣ Overpay on the same Halifax mortgage deal, or

2️⃣ Change the mortgage deal (either with Halifax or another lender) and then overpay,

3️⃣ Or should I consult a mortgage broker for a completely new deal?

Would love to hear your thoughts and experiences. Thanks in advance!

Edi81

Talk to a broker but bear in mind that due to the low loan amount you will probably need to pay a fee. 

dimbo61

Big picture here !
We know nothing about your finances and your income, debts or other mortgage/s ?
You only owe £40,000 so maybe able to 
1 Overpay and clear the mortage
2 Sell and pay the Capital Gains
3 Remortgage your home at a lower rate 
4 Speak to a broker