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BTL mortgage product coming to an end. Best options for paying off lump sum.
Chelsea_Blue
Posts: 40 Forumite
Our current BTL five year 2.17% product is coming to an end 28th February with a balance of around 140k outstanding.
We are in a position to pay off 70k leaving a 70k balance and having spoken with our advisor who has told us, we will need to speak to our current lender, as we wish to reduce the balance by a large sum.
Not quite sure what is the best option for us, we can pay 10% penalty free before the product finishes reducing the balance to £126k.
Should we just drop off our current product, then make large redemption payment say, 1st March and then take out a new fixed term deal with them straight away. Obviously we will be paying SVR for a few days.
I haven’t spoken with our provider yet, but would like peoples thoughts on what are our best options could be, before I make the call.
Thanks in advance
We are in a position to pay off 70k leaving a 70k balance and having spoken with our advisor who has told us, we will need to speak to our current lender, as we wish to reduce the balance by a large sum.
Not quite sure what is the best option for us, we can pay 10% penalty free before the product finishes reducing the balance to £126k.
Should we just drop off our current product, then make large redemption payment say, 1st March and then take out a new fixed term deal with them straight away. Obviously we will be paying SVR for a few days.
I haven’t spoken with our provider yet, but would like peoples thoughts on what are our best options could be, before I make the call.
Thanks in advance
0
Comments
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Your provider is?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Accord Mortgagesamnblog said:Your provider is?0
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