Buy to let mortgages

[Dico]

I think I originaly posted in the wrong section.


My two year introduction/discount has come to an end and West Brom want an extra £49 per month on a (aproximate) £55,000/18 year mortgage.
I spent half an hour in a phone queue to discuss a better term but gave up.

My question is - Does it need to be a buy to let mortgage?, as this is usualy around 1% more than a standard repayment mortgage.
If so i'm wondering if I would be better off remortgaging my repayment mortgage and paying off the buy to let off completely?

Thought I should ask for some impartial advice here.

Thanks for any suggestions in advance.

Another option would be to sell bugger and blow any profit (after tax!) on a turbo porker!

[smirnoff]

This really depends on what you want to achieve.

Technically you can't get tax relief on your main residential mortgage, but if you did increase it to pay off the BTL you can ring fence that interest. (speak to your accountant)

However it would mean that all your income on the BTL is taxable at your highest rate.

If you want to go through your options, YHM!

It all depends on your long term goals, and if you want a Turbo yet!

[Seany88]

Are BTL interest-only mortgages more expensive than 'normal' mortgages?

[Eric Mc]

Historically they have been (having rates of interest more akin to those for "business" borrowing) but in recent years they have come closer to domestic mortgage rates.

[minimax]

Eric Mc said:

Historically they have been (having rates of interest more akin to those for "business" borrowing) but in recent years they have come closer to domestic mortgage rates.

...which is the correct answer