Mortgage Switching and more!

[money100]

Hi, I'm not sure if this is even the right forum for my questions, but hopefully someone out there can help me or point me in the right direction please! Here's the situation: I own a property in D15 since April 2001, last June I moved into town (renting) because I couldn't deal with the commute anymore. I rented out the house in D15. I'm trying to save money to buy in town, so thinking of switching my mortgage. I'm currently with First Active on 5.13%. Did some shopping around the past few days, however the fact that the house is now being let, it's being looked at as an investment property, which I can understand (even though it's not really)! So rates being offered to me are on investment property basis, not residential. Also, now it looks like I have to stop getting my mortgage relief at source and do tax year end returns, which I've never done before and know nothing about. PAYE Helpline are sending me out some forms/booklets to read. Just thought I'd check in to see if anyone has any ideas/advice/suggestions/thoughts in general?! Appreciate it!

 

[KerryG]

No answer to your overall query but while you decide what to do you should ask about switching your mortgage with First Active to tracker rate, i am assuming you are on a standard variable rate which is 5.03% (maybe you are on a fixed of 5.13%?), if not and it is variable then the tracker variable rate is 4.65% which will reduce your repayments slightly. All you need to do is call in to your FA branch and sign a form. You may as well have the benefit of the lower rate while you are deciding.

 

[money100]

Thanks a million for that advice, it definitely would help so I'll look into that right away. As you say, I may as well reduce my repayments, even if only slightly, while I'm thinking about what I should do next. Thanks again