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Should we get a Buy to Let mortgage?
teihop
Posts: 1 Newbie
We are letting a mortgage free property for £750/month
We have debts of £50,000 costing £250/month
Tax on the rental income £150/month
Family monthly income (apart from rent) = £3,100
Family monthly outlay (excluding food) = £2,600
Would a Buy to Let Mortgage be the best way forward? Things are a bit tight if we use the rent to repay our debts and this would take 10 years anyway! On the other hand, after 10 years we'd have a nice pension in the rental property.
Any advice would be much appreciated.
Thanks in advance
We have debts of £50,000 costing £250/month
Tax on the rental income £150/month
Family monthly income (apart from rent) = £3,100
Family monthly outlay (excluding food) = £2,600
Would a Buy to Let Mortgage be the best way forward? Things are a bit tight if we use the rent to repay our debts and this would take 10 years anyway! On the other hand, after 10 years we'd have a nice pension in the rental property.
Any advice would be much appreciated.
Thanks in advance
0
Comments
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Sounds like MEWing to me.
You would have an extra debt to service and it would be at quite a high rate. I think you could reduce your tax bill (legally) and maybe trim some of that £2,600 expenditure.
I suggest you speak to a tax accountant.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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