Remortgage due
Posted: April 26th, 2024, 2:48 pm
As I've mentioned elsewhere (probably on FIRE), one of my mortgages on a BTL is due to expire from its delightfully low fixed rate at the end of August this year.
I used L&C previously as the broker last time around and will likely re-use them for the purposes of this but am not wedded to that.
What I'm after is opinion - the mortgage is currently c£70k on a property that according to Zoopla/Other house price comparison sites & my own knowledge of the local area is probably worth c£250k.
All rates cap out on the low side at c60% LTV so I could materially increase the mortgage to say c£150k with no detrimental impact to the interest rate. Looking at rates, I'd probably 5 year fix in the low 4.XX% depending on what incentives are available or whether I pay a product fee.
Increasing the mortgage could (yes I know this is debatable) increase the interest I can claim relief on and I'm currently a higher rate tax payer.
With the additional money, I'd probably be looking to either invest additionally in my pension or invest in some tracker type fund outside of that.
What would you do?
I used L&C previously as the broker last time around and will likely re-use them for the purposes of this but am not wedded to that.
What I'm after is opinion - the mortgage is currently c£70k on a property that according to Zoopla/Other house price comparison sites & my own knowledge of the local area is probably worth c£250k.
All rates cap out on the low side at c60% LTV so I could materially increase the mortgage to say c£150k with no detrimental impact to the interest rate. Looking at rates, I'd probably 5 year fix in the low 4.XX% depending on what incentives are available or whether I pay a product fee.
Increasing the mortgage could (yes I know this is debatable) increase the interest I can claim relief on and I'm currently a higher rate tax payer.
With the additional money, I'd probably be looking to either invest additionally in my pension or invest in some tracker type fund outside of that.
What would you do?