Here is a quick run down. I have 25 years 10 months left with Halifax. I owe £131,000. Rate of 2% ends on Saturday. New rate is 4.11% from Sunday with a consent on it, will be 4.61%. That's a fix for 5 years. I can get the consent for a maximum of 3 years. I'd have early redemption charges in year 4 of 2% if I moved it to a BTL then. Halifax don't switch from resi to BTL.
New BTL mtg is with Virgin Money. 2 year fix for 30 year term rate is 4.54%.
I'm at decision time. Should I stick with Halifax or move to Virgin? Obviously Virgin is increasing my term so mtg payments are lower. I'm just not sure what to do. I can give mtg figures if that helps?