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  • FIRST POST
    • jamels2
    • By jamels2 12th Mar 17, 5:13 PM
    • 244Posts
    • 36Thanks
    jamels2
    One buy to let - what next?
    • #1
    • 12th Mar 17, 5:13 PM
    One buy to let - what next? 12th Mar 17 at 5:13 PM
    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
Page 1
    • sparky130a
    • By sparky130a 12th Mar 17, 5:16 PM
    • 477 Posts
    • 632 Thanks
    sparky130a
    • #2
    • 12th Mar 17, 5:16 PM
    • #2
    • 12th Mar 17, 5:16 PM
    Have you not answered you're own question?
    • Pixie5740
    • By Pixie5740 12th Mar 17, 5:33 PM
    • 9,908 Posts
    • 13,542 Thanks
    Pixie5740
    • #3
    • 12th Mar 17, 5:33 PM
    • #3
    • 12th Mar 17, 5:33 PM
    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.htm
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • jamels2
    • By jamels2 13th Mar 17, 8:57 PM
    • 244 Posts
    • 36 Thanks
    jamels2
    • #4
    • 13th Mar 17, 8:57 PM
    • #4
    • 13th Mar 17, 8:57 PM
    Thanks pixie can you clarify your advice
    • booksurr
    • By booksurr 13th Mar 17, 10:13 PM
    • 3,614 Posts
    • 3,992 Thanks
    booksurr
    • #5
    • 13th Mar 17, 10:13 PM
    • #5
    • 13th Mar 17, 10:13 PM
    Thanks pixie can you clarify your advice
    Originally posted by jamels2
    click on your own name and a pop up will open with the option to: see more posts by jamels2

    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
    Last edited by booksurr; 14-03-2017 at 7:18 PM.
    • jamels2
    • By jamels2 13th Mar 17, 10:39 PM
    • 244 Posts
    • 36 Thanks
    jamels2
    • #6
    • 13th Mar 17, 10:39 PM
    • #6
    • 13th Mar 17, 10:39 PM
    Awesome, thanks booksurr
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