Buying a 2nd property

butterfriends

Thank you so much - can't tell you how much I appreciate you both taking time to help me with this.
x

herbiesjp

No problem

dimbo61

Hi BF
First of all well done on overpaying your mortgage over the last couple of years!
You have a much smaller mortgage and therefore a lot more equity in your home because of this.
Do you really want to take on so much debt and is your job/ buisness safe ?
Becoming a landlord is not easy and you would have to ensure your flat has all the safety checks and tests done!
Periods when the flat is empty and damage done by bad tenants!
If you sold the flat and put down a £60,000 deposit on your new home you could get a very good deal and carry on overpaying the new mortgage
Consider offset mortgages as you can "save" your TAX money while offsetting the mortgage.
Mum and dad could keep there savings
You would only have to worry about the new mortgage and enjoy time with your child and not run round on a saturday night trying to get a plumber to fix a leak in your flat.
Having 2 properties can be done but its not plain sailing
GOOD LUCK

butterfriends

Hi dimbo61 - thanks for your advice.
I've thought long and hard about it. I know in the short term it would probably make more sense financially to sell, but I would like to eventually have a few properties to let so now seems as good a time as any to start. I am confident about my income for the next 3 years - I have such lovely clients whose businesses are all growing so my income should rise I would expect by around 30% pa for the next two years - sorry thinking out loud - so yeah, even if i decide to sell the flat in a couple of years it's position is fairly unique in the town i live in so i don't have any concerns about its saleability. and i'll be in the building fortnightly minimum visiting neighbours who have become like my son's adopted grandparents anyway
sincerly thank you for your advice - it is a big decision