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Re-Mortgage from Repayment to Interest Only
Comments
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you haven't said what your interest rate would be, but its quite simple to work out your mortgage payments once you know that:
(123000 / 100) * interest payment, then divide this figure by 12 (monthly interest)
I'd be surprised if your mortgage company would charge you a huge sum of money to change as you're not changing the product, just the repayment mechanism. I've done this on properties in the past and paid very little, if any, fees.0 -
Wasn't clear - maybe I missed it - but is your current mortgage a BTL mortgage? Does your lender know you're renting it out?0
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Sell it. Even if you can get a good interest only deal it sounds like once you subtract costs you'll barely turn a profit.
The only issue is how long does your current tenant have left on their lease?0 -
Wasn't clear - maybe I missed it - but is your current mortgage a BTL mortgage? Does your lender know you're renting it out?
As detailed above I currently have a repayment mortgage and absolutely yes, I have done the rental by the book - I am an accountant, I can't afford not to!Whether you think you can or you can’t, you’re probably right ~ Henry Ford0 -
The OP may also be considering the 'bolt-hole' factor. Moving in with a partner and splitting up... and may consider the flat as a safety net/insurance.As detailed above I currently have a repayment mortgage and absolutely yes, I have done the rental by the book - I am an accountant, I can't afford not to!0 -
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