buying property

MicheB

Hi there
A few questions

I work away on a cruise ship in all about 9 months of the year and have in that time worked long and hard to get enough deposit money to buy a property and rent it out, which I have

I am currectly wondering whether to buy another property and rent it out or pay off more of my existing mortgage, however, it is fixed for around another 6 months then it turns into a nasty high rate variable.

I need to get another mortgage in 6 months in which I am wondering if I can get one that I could buy another one on aswel?

Ideally I would like a few properties to rent especially before I come off sea and have to look at different career, which hopefully will be soon. My ideal scenario would be maybe 2 properties being rented and a house abroad as I must have a place of solace.

Any ideas or help would be greatly appreciated

Miche:j

scrummy_mummy_2

Across the UK rental yields are low and have been steadily falling for about 7 years....
One way of calculating yield is to take how much you get in rent (gross over the period of a year) and express it as a percentage of the gross amount you paid for the property.
On average, I am guessing yields across the UK are 4% to 6 %

The cost of borrowing money to buy an 'investment' property currently is about 6% (lowest) as you pay for for BTL mortgages.

As you can see....BTL currently COSTS MORE MONEY than it makes.
It is a sweeping statement, but I think you have probably missed the rental market boat...pun, pun.

Try this link and do some calculations for yourself.
http://www.themovechannel.com/calculators/roi.asp