mortgage problem

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    mortgage problem

    I'm looking for a bit of help with a morgage problem. At the moment i have one btl property worth about 180k with a btl repayment mortgage of 88k. The rent just about pays the mortgage but I am paying an exta £400 per month to clear the loan early.The question I would like to ask is due to the tax relief I receive from the interest would I be better off leaving my money in the bank and letting the mortgage run the full term.

    #2
    Originally posted by judste View Post
    I'm looking for a bit of help with a morgage problem. At the moment i have one btl property worth about 180k with a btl repayment mortgage of 88k. The rent just about pays the mortgage but I am paying an exta £400 per month to clear the loan early.The question I would like to ask is due to the tax relief I receive from the interest would I be better off leaving my money in the bank and letting the mortgage run the full term.
    The answer depends on the interest received on your deposits, tax charged to you on the deposit interest, interest charged on your mortgage, and rate of tax relief received on this interest.

    On the face of it, I don't think that this would be either beneficial or wise.

    Ramnik
    Private advice is available for a fee by sending a private message.

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