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Want to buy a second property. How can I calculate based on income and outgoing cost?
Comments
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You need proper budgeting to get realistic affordability long term
How much did you save in 2016?
if it is less than your current estimate per month*12 then you will need to make cutbacks.0 -
I saved as much as I expected. Give or take my monthly savings are roughly the same every month.
How do I do proper budgeting?0 -
How do I do proper budgeting?
A budget is an advanced plan of how you want to allocate your money, in detail for at least 1 year and realistic estimates for longer.
if you take on more debt your free cashflow will reduce so you need more detailed forward looking plan to reduce the risk of not having cash to cover unplanned costs, with 2 houses those risks go up without good planning.0 -
I'm a landlord.
You will need to probably look at Let-to-Buy first, the arrangement fee will be around £1000. Probably a 2 year fixed mortgage too. For me, I would fix mortgages for life....
We keep £5000 in cash ISA for repairs. Pre-approved repairs authorized via letting agent. We pay agent 12.5% and just collect the rental income from them.0 -
It might be better to go to a broker who should be able to advise on the best lenders to approach. You don't want to spend money on fees or have unnecessary credit checks unless you can be fairly confident you will get the mortgage with a particular company.
Once the banks open tomorrow I will arrange an appointment and see what they say.0 -
You do realise that only the interest (ie not capital repayment) part of your mortgage can be used as an expense against tax and that tax will be payable on the rent you take ?0
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