Paying off BTL mortgage - strategy advice

checkly

Have £50K left on BTL fixed rate mortgage - property value £220K.   Current rate BTL mortgage rate is 3.29% which ends 30/11/24.  Can pay off between £10K and £20K in November, leaving £30K - £40K outstanding.  

Question is do I look for another fixed term mortgage (inevitably higher than current rates - current lender offering 5.04% on two year fix) or find another way of financing this (eg personal loan, and aim to pay off over next year or two).

Thanks

silvercar

The interest is still allowable, though restricted to basic rate tax. What do you want to achieve? If it is simply the lowest interest then zero interest credit cards, or increasing your residential home mortgage may be possible. On your figures I’d be looking for a 2 year fix and putting all I can in savings over those 2 years, with the intention to repay at the end. 

BTL is a business, no point starving yourself to make the figures work.