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Moving into our BLT

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Author Topic: Moving into our BLT  (Read 63 times)
Newbie
Posts: 1

I like property

« on: June 24, 2020, 05:39:59 PM »

Hi all, new member so please be gentle.

I have lost my job and we have put our home up for sale and received an offer that we have accepted.

There is enough equity in our current home to pay off its mortgage and pay off the mortgage on our previous home of 12 years (this is currently a vacant rental with a BTL mortgage).

Is there anything we should be aware of that would stop us from paying off the BTL and moving into this property (again) as our main residence.

thanks in advance

Hero Member
Posts: 867

I like property

« Reply #1 on: June 24, 2020, 07:37:03 PM »

I suppose there could be a penalty for early payment with some mortgages,but it strikes me as a sensible thing,it's what I would do.
Newbie
Posts: 44

I like spoons

« Reply #2 on: June 25, 2020, 11:52:54 AM »

This should be ok if you just continue with paying the monthly payments. There will presumably be an early repayment charge if you pay off before the initial rate period, but you can evaluate if this is worth paying or not.
Global Moderator
Hero Member
Posts: 3470

I like lots of things

« Reply #3 on: June 25, 2020, 04:58:21 PM »

Ask your mortgage providers for the redemption figures. Then decide...
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