BTL mortgage coming to an end next year. HELP!

cjoshi72

My mortgage term ands later this year at which point I will revert to the SVR. Currently I'm on 2.4% with less than £10k left to pay. When I revert to the lenders SVR, my monthly payments are likely to triple I've been told. With only a few months left after that until the mortgage ends, Can I beg my lender to keep me on the current rate as I won't be able to afford triple payments? I'm currently not working and finances are stretched.

MWT

If this is a repayment mortgage your payments are not going to triple as the vast majority of your monthly payment is capital, not interest.

At the moment around £20 of each monthly payment is interest, that element may well triple, but not the capital element of the mortgage...

Even that part will be lower by the time your fixed rate ends as the capital owed is also going down fast.

Phoenix72

BTL suggests it's not your residence?

Sell it?

MWT

cjoshi72 said:

Can I beg my lender to keep me on the current rate as I won't be able to afford triple payments?

Sorry, forgot to answer this question, but no, that is not going to work.

Hopefully a moot point though, but we need to know if this is a repayment mortgage, as seems likely by the low remaining amount.

If it isn't repayment then what was the original plan to clear the last £10k? ... if necessary just bring that forward a few months if possible.

Edi81

If you owe £10k then the interest even at 10% is less than £100 per month. 

Unless you have a typo and owe £100k then surely the rental income more than covers that. 

Grumpy_chap

The mortgage lender won't extend the current rate no matter how much the OP begs.

Can the OP review their overall budgets to make this manageable?  Use a tool such as SoA (statement of affairs) as found in the debtfree wanabee (DfW) area of the forum.

silvercar

Why can't you take a new mortgage with a longer term?