Mortgage free , now another mortgage

happylife

Was Finally Mortgage Free Last year, So I'm thinking of purchase another property.

Possibly as a long term investment for a pension and pass to the kids.

I can afford the payments and may try renting out to get the Mortgage paid.

Good idea or not... ?

edinburgher

Possibly as a long term investment for a pension and pass to the kids.

Property prices in the UK look like they may be starting to fall in many areas bar hotspots such as London - are you prepared to lose money if this trend continues?

Possibly as a long term investment for a pension and pass to the kids.

Have you considered alternatives, such as investments within stocks and shares or funds held within an ISA?

I can afford the payments and may try renting out to get the Mortgage paid.

If you buy in the hope of capital appreciation, you *have* to rent out the property unless you're literally willing to pay for the privilege of having a mortgage on an empty property! :eek:

I'd speak to an IFA who can take a holistic look at your income and assets - a BTL works for a lot of people - but don't assume it works for everyone.

HelenDaveKids

I was morgage free but we decided to buy a much nicer property, which we renovated and extended. We intend to sell when the kids grow up (if and when they leave) and downsize (using money to fund world travel).

Matt_The_Chippy

Personally I think this is a really good long term idea. Its the same as what I would like to do once I'm MF. We know property prices are taking a hit in the last few years and will probably do so for a few years to come. BUT, long term I would say they are only going to go up. I would say you have to rent it out to maximise your returns. Go for it (and let me know how it goes in a few years time when I'm ready to take the same road!).