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Lump Sum Plans
Options
karl_jackson
Posts: 17 Forumite
we are about to sell our holiday home in a foreign country which will leave us with some clear funds to invest
we are considering buying in England a house outright to rent out but wondering if that is the best thing to do
Or would it be better to buy 2 - 3 properties to rent out with buy to let mortgages
Or would it be better to pay off our mortgage and have some money left over
Your thoughts please
Thanks in advance
we are considering buying in England a house outright to rent out but wondering if that is the best thing to do
Or would it be better to buy 2 - 3 properties to rent out with buy to let mortgages
Or would it be better to pay off our mortgage and have some money left over
Your thoughts please
Thanks in advance
0
Comments
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You could pay off your existing mortgage and bank the rest of the cash. If you want to go down the BTL option then get a suitable mortgage for it. Rental property can be expensive in terms of repairs and maintenance so the cash you have banked after paying of your mortgage will (depending on how much) perhaps cover for these additional costs.
The rental market (depending on where you live) is good right now. Not many folk can buy so it is rent rent rent!
If you have a good financial adviser (independent) they will be able to work out the figures for you. Or perhaps you are good at this stuff yourself.0
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