Simple BTL question but I'm being thick
Discussion
On my tax return I hadn't realised you still get a basic rate 20% tax credit against interest that you pay on a BTL.
So my £4,000 I pay in interest a year is only £3200.
I have a regular mortgage on my house, and a small endowment maturing soon.
Assuming both my BTL and house mortgage interest rates are the same (they're not but rates are bouncing around so much anyway it's pointless trying to work out the difference) -
Why would I not use the endowment to reduce my regular mortgage on my house? Rather than my BTL? Would I not be better off?
So my £4,000 I pay in interest a year is only £3200.
I have a regular mortgage on my house, and a small endowment maturing soon.
Assuming both my BTL and house mortgage interest rates are the same (they're not but rates are bouncing around so much anyway it's pointless trying to work out the difference) -
Why would I not use the endowment to reduce my regular mortgage on my house? Rather than my BTL? Would I not be better off?
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