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Taking out Equity
Ladybird20
Posts: 465 Forumite
I have decided to take 15k out of one of my properties that has a large amount of equity in as i need to buy myself a new car as my old car is on its last.I dont really want to take out finance for the new car but i wandered would it make sense to take out 15k from equity from one of my rentals.My reasoning for this is,my mortgage payments would go up so my rent yield would be less therefore less tax is payeable at the end of every tax year.
Also is difficult to take out equity as i have never done this before,even with 15k took out there still remains a lot of equity in this property.What other fees am i likely to incurr, or am i better off simply getting a loan?
Thank you for any replies in advance.
Also is difficult to take out equity as i have never done this before,even with 15k took out there still remains a lot of equity in this property.What other fees am i likely to incurr, or am i better off simply getting a loan?
Thank you for any replies in advance.
0
Comments
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How many years are left on the mortgage? Work out how much that car would actually cost you. Probably a hell of a lot more than £15k!
Can't see it being worthwhile. Also, my personal view, if you don't have £15k savings that you might choose to spend on a car, don't spend that amount. It'll be debt, wherever you take it from! I'd get something cheaper and almost certainly second hand.
Jx2024 wins: *must start comping again!*0
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