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Help with buy to let idea

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Comments

  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    getmore4less wrote: »
    The debt does not have to be on the rental property to qualify for the relief.

    remortgageing to release equity(near the time) could jeperdise the consent to let and need a BTL, much more expensive.

    Overpaying could also be an issue might not be able to get it back.

    Yes, I'd forgotten about that, but you'd need to keep a clear trail you had reduced the btl mortgage by xxxx in order to claim tax relief on xxxx.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • positivealternative
    positivealternative Posts: 9 Forumite
    Out with the OH today who had an idea to overpay the mortgage by the full amount (think it is something like 8 years to fully pay off) and then to purchase a property as a BTL and keep living in ours or BTL our existing property once mortgage paid off. Bit worried about losing the overpaid amount with the consent to let though. Anyone think this is a good idea or not??
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    A lot may happen in 8 years. That's all the time it took for the BTL market to expand and the Bradford & Bingley to go bust.

    Always best to have investment spread in a range of asset classes.

    Paying off your existing debt is sound prudent financial management.
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