After a separation I’m going to have to take on the mortgage myself. I’ve got 90k in savings and can’t decide the best thing to do. The residential mortgage is around £330,000 with two years left on a fixed rate of 3%. The current mortgage provider have agreed to me being able to take this on based on my salary. I’ve also got a BTL mortgage of £150,000 fixed at 5%, again with another two years to run.
Should I overpay the residential, the BTL or just save the money and reduce the balance when I come to renegotiate both mortgages in 2 years time? It is likely I’ll have reduced my working hours (and salary!) by half by then though.