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Paid off mortgage but now what?
Comments
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With tax changes being implemented for Landlords fully by 2020 and the extra levy of stamp duty, BTL is becoming unattractive broadly speaking, especially for small landlords or for those who have little equity. On rightmove especially in the London area there has been an increase that I have noticed of ex-rental property's for sale. With local authority licencing and some rumours linking that register to HMRC it is looking rather grim for those few tax evading landlords (not making judgements that you are). Reading a website which I cannot remember, there was a mention there should be a swing to large institutional landlords rather small one man band type of landlords. Something to ponder over.
If you want to buy a second house, do the maths, save the money from not paying the mortgage and see what it like in a few years time - who knows what will happen to the property market.0 -
Without knowing where you live, how much you both earn, savings, pensions, age and future plans know one can say if buying a second property is a good idea or Not!
Your husband might be a builder with a brother who is a bricklayer and sister who does Interior design.
The run down property next door might be up for auction next week at £25K due to years of decay or neglect.
Time to do some research yourself into the local housing/rental market !0 -
Thanks for all your comments and suggestions - All much appreciated.
I'm definitely not going to jump into BTL waters without making a lot of research and calculations first. Unless there's indeed a run down property next door up for auction at £25K
Research and calculations approach got us where we are now - mortgage free - something we were dreaming of for years. So I don't see anything wrong in being a dreamer. From my experience, good ideas are often result of a well thought off process, brought to life as a result of someone's dream
Will keep you posted x*Reclaimed £110 remortgage fees :j
**Reclaimed ££££ from Barclays PPI :T0
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