How do I MINIMISE my monthly repayments to improve my break-even rental calculation or BTL business case?

Get a long “term” The “term” of your mortgage is its duration – the number of years it lasts. Since you pay back the amount you’ve borrowed over this term, you have to pay a lot more each month if the term is short. Paying back a loan over 30 years involves a smaller repayment each month, than paying it back over 10 years.

If the term is long, your repayments each month are less. The effect of a short or long term is usually much more significant to your monthly repayments, than the interest rate. Older clients may not be able to get a 30-year term, but can sometimes add a younger person to their application and agree a good compromise with the bank.

Of course, the amount you borrow makes a big difference and the interest rate also makes a difference, especially over the lifetime cost of the mortgage (which increases if the term increases). The other things to consider are the bank’s fees and charges, including the Early Redemption Charge. All these things vary greatly from bank to ... more.

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