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  • FIRST POST
    • Littlealfiesmum
    • By Littlealfiesmum 12th Apr 18, 9:42 AM
    • 6Posts
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    Littlealfiesmum
    BLT query
    • #1
    • 12th Apr 18, 9:42 AM
    BLT query 12th Apr 18 at 9:42 AM
    Hi have virgin money BTL 2.99% fixed for 5 years interest only 380.90 pcm

    I am thinking of changing it to a repayment mortgage same rate etc they can just switch it and it would be 790.60 pcm. I am thinking getting the balance down would be good and I can also put a lump sum 10% overpayment down.

    The outstanding balance is approx 150k

    There would be a early repayment charge if I decided to go to a different mortgage I think its around 3k.

    Other option is to sell the house and use the capital for something else...
Page 1
    • ACG
    • By ACG 12th Apr 18, 9:47 AM
    • 16,848 Posts
    • 8,791 Thanks
    ACG
    • #2
    • 12th Apr 18, 9:47 AM
    • #2
    • 12th Apr 18, 9:47 AM
    You could just make overpayments to the mortgage potentially?
    That way if the property is empty, you can go back to interest only without any hassle?

    ps - I wont make any Sandwich jokes.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • Littlealfiesmum
    • By Littlealfiesmum 12th Apr 18, 9:50 AM
    • 6 Posts
    • 0 Thanks
    Littlealfiesmum
    • #3
    • 12th Apr 18, 9:50 AM
    • #3
    • 12th Apr 18, 9:50 AM
    I think I could change back if needed but I have just relet the property about 4 months ago to a company and long term let. I'm not worried about that and in 5 years will sell it.

    I have 13k in my isa I could pay off and probably save more paying off than getting interest in savings?!

    Dont think there is any benefit overpaying a interest only?!
    • Littlealfiesmum
    • By Littlealfiesmum 12th Apr 18, 9:53 AM
    • 6 Posts
    • 0 Thanks
    Littlealfiesmum
    • #4
    • 12th Apr 18, 9:53 AM
    • #4
    • 12th Apr 18, 9:53 AM
    if i go on the MSE calculator I save quite abit changing to repayment and putting the lump sum down. Just means I don't have any income off the house to use monthly
    • ACG
    • By ACG 12th Apr 18, 10:25 AM
    • 16,848 Posts
    • 8,791 Thanks
    ACG
    • #5
    • 12th Apr 18, 10:25 AM
    • #5
    • 12th Apr 18, 10:25 AM
    By overpaying it has the same effect as putting it on repayment.

    Switching back could possibly be done, but it is all the hassle that comes with it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
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