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Borrowing Against a Flat for a House
BeckyJH
Posts: 17 Forumite
Hi,
I bought a flat last year in South London with some inheritance money for £135 with a £22k deposit, we renovated and spent £10k and the flat is now worth £180 (so probably £175!) We can get £700 on the rental market for it a month.
We have moved away for work to the Cotswolds and are renting for £900 a month, realistically we will not be able to afford to buy again here until next summer.
Do you think I should borrow against the flat to get another property here, or just bide my time for a year until I have enough money for another deposit?
It's so confusing knowing what to do for the best!
Becky
I bought a flat last year in South London with some inheritance money for £135 with a £22k deposit, we renovated and spent £10k and the flat is now worth £180 (so probably £175!) We can get £700 on the rental market for it a month.
We have moved away for work to the Cotswolds and are renting for £900 a month, realistically we will not be able to afford to buy again here until next summer.
Do you think I should borrow against the flat to get another property here, or just bide my time for a year until I have enough money for another deposit?
It's so confusing knowing what to do for the best!Becky
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