Savings of £150k+157K BTL Mortgage HELP

flapjack2000

Hi This is my first post so any help would be great.

We recently sold two properties and after CGT have £150k profit.

We also have a BTL Mortage of £157k with tenants in place(property value £185k.
Net 'virtual' profit from that venture is approx £90pcm.

We want to have some liquid cash to invest in a business venture within 6 months but until then;

Should we pay off the mortgage?
Continue with savings (Max'd isa's etc)?

Invest the £150k profit in a different investment product or business venture?

I hope this is in the right area-

Any help gratefully received.
Thanks

brixandmorta

How much rent does this property bring in? you say you have a virtual profit of £90pcm after mortgage payment.

Do you have a business idea that you are wanting to invest in? or just thinking of doing so because of the profit you have made on the other 2 properties.

flapjack2000

thanks for the reply

the mortgage is £700, Rent is £790

Many ideas for businesses however both of us in this venture have full time jobs and need to take the plunge-But need a solid business plan first.

look forward to your reply

brixandmorta

Obviously not knowing your full circumstances, but with info you have supplied, I personally would look into getting your business up and running that you fancy going into, look at approx costs for doing so, if say there is £50k left over, look at taking a lump of your mortgage, therefore rent will be more than mortgage, thus showing profit per month there also.

Just talking from my thoughts, have been self employed from leaving school 18 years ago, working for someone has never been an option!!:D

flapjack2000

Thanks for your input-We'll get our thinking caps on.

What business are you in? Property?

brixandmorta

Long story!!!

Been in the flower business from 16, wholesaling from 18, at 30 opened up an Interflora shop, then got married, so decided flowers was too much work, plus supermarkets killing the job, so went into, stretched limousine hire of all things, also have a catering business, and this year set up a wedding car business, plus keeping the other 2 going!!!, plus 2 kids now....... how is this possible???? Loving life, but never get any time to myself:rolleyes:

Beats 9 till 5 anyday!!!!

flapjack2000

sorry to reply so late after your posting!
I'm public sector 9 to 5 and married with a 2 year old daughter-and I think I've got a busy life!!

Wow how do you manage all that? a serious commitment -but I'm sure very rewarding.