You can make it easier to pay off your mortgage in the future by taking action now.
If you currently have an interest only buy-to-let mortgage, you may want to switch to a Repayment mortgage. This will allow you to start paying off the capital each month and reduce the amount that you owe when your mortgage term ends. You should also ensure that you have a suitable investment vehicle in place and should check that this is on track to generate sufficient funds to repay your mortgage at the end of your term. You may need to consider increasing your payments if there is likely to be a shortfall.
If you wish to reduce your mortgage balance in a more flexible way, you could start making regular overpayments to reduce your balance and overall interest payable.
To discuss any of these options, please call us.