We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buy to let ???
giraffe25
Posts: 32 Forumite
Hi all ,
I'm in a very fortunate position in that my mortgage will be paid off in about 6 months , thru stoozing , shares ect.
I don't need to upgrade to a bigger property , and we have two children (1 + 2)
I've recently considered buying another property to rent out , for my childrens future, maybe for uni or start off in life.
Last week though i heard the BOE say that good times are over with the economy, rates ect raising.
So what would you wise people out there do?
Just go for it, or wait?
if so would you get a repayment or interest only mortgage?
Thanks
G :cool:
I'm in a very fortunate position in that my mortgage will be paid off in about 6 months , thru stoozing , shares ect.
I don't need to upgrade to a bigger property , and we have two children (1 + 2)
I've recently considered buying another property to rent out , for my childrens future, maybe for uni or start off in life.
Last week though i heard the BOE say that good times are over with the economy, rates ect raising.
So what would you wise people out there do?
Just go for it, or wait?
if so would you get a repayment or interest only mortgage?
Thanks
G :cool:
0
Comments
-
I'd wait or seek hard for a below market value property.
I'd also expect the rent to cover more than the cost of a repayment mortgage. If you're doing it, it should be for the long term. Interest Only mortgages are designed to supported by another investment vehicle to pay of the capital. It's not a 'get out of jail free' card that means you don't actually have to pay for the house.Everything that is supposed to be in heaven is already here on earth.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards