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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
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
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards