Double check my mortgage figures please
Discussion
Hi all,
Can someone check my figures below are correct.
I have a current BTL mortgage and am considering moving to a better deal.
Current mortgage BTL Proposed mortgage BTL
Interest rate 3.74% 1.94%
Rental income £625 £625
Interest cost £411 £214
Offset 75% of interest cost £308 £161
Profit (rental income - offset) £317 £464
Profit after 40% tax £190 £278
Profit over 2 years £4,560 £6,672
If the figures above are correct then it would seem I am better to move to the new deal. Unfortunately there is a £1960 fee payabla ewhich basically wipes out any profit.
Am I missing something?
Are my figures correct?
Can someone check my figures below are correct.
I have a current BTL mortgage and am considering moving to a better deal.
Current mortgage BTL Proposed mortgage BTL
Interest rate 3.74% 1.94%
Rental income £625 £625
Interest cost £411 £214
Offset 75% of interest cost £308 £161
Profit (rental income - offset) £317 £464
Profit after 40% tax £190 £278
Profit over 2 years £4,560 £6,672
If the figures above are correct then it would seem I am better to move to the new deal. Unfortunately there is a £1960 fee payabla ewhich basically wipes out any profit.
Am I missing something?
Are my figures correct?
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