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Let to buy or just buy?
pinkzebra
Posts: 387 Forumite
We are wanting to move to a bigger house. We have nearly payed off our mortgage (10K, 1 year to go!).
We could either just sell our house and buy another (and get another repayment mortgage),
or let our house out (on a buy to let mortgage) and buy another house (with another repayment mortgage).
Not sure what is the better option. We were looking to get an investment as we do not have alot in the way of pensions etc. If we rented out our current house, then we could buy our next house without a chain below us, and we wouldn't have to pay selling fees But if we had trouble renting it out, and decided to sell, would we be liable for Capital Gains Tax?
What would you do? Has anyone on here done let to buy?
Thanks
We could either just sell our house and buy another (and get another repayment mortgage),
or let our house out (on a buy to let mortgage) and buy another house (with another repayment mortgage).
Not sure what is the better option. We were looking to get an investment as we do not have alot in the way of pensions etc. If we rented out our current house, then we could buy our next house without a chain below us, and we wouldn't have to pay selling fees But if we had trouble renting it out, and decided to sell, would we be liable for Capital Gains Tax?
What would you do? Has anyone on here done let to buy?
Thanks
0
Comments
-
Property isn't the only thing you can invest in!
If you were to buy one house and put money into a pension or ISA through equities then you are in a better position to avoid tax than in the case of BTL (assuming its capital value increases) and you don't have all your eggs in one basket - the property market.0
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