Pay cap+ Int BTL & int only PPR..good idea????

J

Jizzy

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We are currently paying cap + int on our PPR & int only on our 2 BTL. Tracker on all three. However our int only period on our BTL is up soon. We cannot afford to pay cap + int on all three. It would be 170% of our net salaries & that's assuming on existing low rate.
So in order to keep our tracker & comply with contract we think maybe we should start paying cap & int on the BTLs & int only on PPR ( I'm assuming we have more rights with our PPR so once we pay the int they cannot take us off the tracker... Is this the case with PPR?
Also we could argue that by paying cap on BTL we will get to break even quicker so we can sell sooner. Bottom line is what is best strategy or proposed plan to bank to keep our trackers???
 
170% of your nett income!

Think you will have to give a lot more information on your situation fill out the standard information for mortgage arrears located in the key posts.
 
Don't want to get in to detail. I'm just wondering would the banks be open that arrangement or will they demand continuance with cap + int on home? Have they a preference which you try to pay down first?
 
Jizzy said:
Don't want to get in to detail.
Click to expand...

You'll not get much detail in the answers then! Rond-up/round-down/change place-names/year of purchase - but you probably should detail who your lender is and property values and equity situations ... ...

(Actually on second thoughts, do what Brendan advises - that list didn't magically appear - they are the questions, the answers to which give greatest insight into your situation - and from which people can advise best)
 
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