PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.One buy to let - what next?
Options
jamels2
Posts: 437 Forumite
I've just re mortgaged my let flat and now have 84k in the bank.
The btl is valued at 180k with 30% equity and a loan of 128k. This is £270 interest only @2.54%. The rent is £750.
I am still debating whether to extend the lease now or leave it until if/when I sell the flat, it has 62 1/2 years left.
My main aim now is somewhere to live myself as I live with family.
So what to do with the 84k?
Another property will cost 3% extra in stamp duty, but I will not be affected by the tax changes as my overall income is under 43k.
Would I be better off renting?
My long term aim is to be mortgage free on one decent property.
Any advice much appreciated
The btl is valued at 180k with 30% equity and a loan of 128k. This is £270 interest only @2.54%. The rent is £750.
I am still debating whether to extend the lease now or leave it until if/when I sell the flat, it has 62 1/2 years left.
My main aim now is somewhere to live myself as I live with family.
So what to do with the 84k?
Another property will cost 3% extra in stamp duty, but I will not be affected by the tax changes as my overall income is under 43k.
Would I be better off renting?
My long term aim is to be mortgage free on one decent property.
Any advice much appreciated
0
Comments
-
Have you not answered you're own question?0
-
You've been asking the same question since 2012. My advice hasn't changed.
You might find this article useful:
https://www.mindtools.com/pages/article/newHTE_96.htm0 -
Thanks pixie can you clarify your advice0
-
Thanks pixie can you clarify your advice
go read your own posts instead of endlessly repeating yourself
2013: 27 replies:
http://forums.moneysavingexpert.com/showthread.php?t=4824081&page=2
2013:
http://forums.moneysavingexpert.com/showthread.php?t=4439875
2012 - i see you have deleted those posts :cool:0 -
Awesome, thanks booksurr0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards