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One buy to let - what next?
jamels2
Posts: 437 Forumite
I've just re mortgaged my let flat and now have 84k in the bank.
The btl is valued at 180k with 30% equity and a loan of 128k. This is £270 interest only @2.54%. The rent is £750.
I am still debating whether to extend the lease now or leave it until if/when I sell the flat, it has 62 1/2 years left.
My main aim now is somewhere to live myself as I live with family.
So what to do with the 84k?
Another property will cost 3% extra in stamp duty, but I will not be affected by the tax changes as my overall income is under 43k.
Would I be better off renting?
My long term aim is to be mortgage free on one decent property.
Any advice much appreciated
The btl is valued at 180k with 30% equity and a loan of 128k. This is £270 interest only @2.54%. The rent is £750.
I am still debating whether to extend the lease now or leave it until if/when I sell the flat, it has 62 1/2 years left.
My main aim now is somewhere to live myself as I live with family.
So what to do with the 84k?
Another property will cost 3% extra in stamp duty, but I will not be affected by the tax changes as my overall income is under 43k.
Would I be better off renting?
My long term aim is to be mortgage free on one decent property.
Any advice much appreciated
0
Comments
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Have you not answered you're own question?0
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You've been asking the same question since 2012. My advice hasn't changed.
You might find this article useful:
https://www.mindtools.com/pages/article/newHTE_96.htm0 -
Thanks pixie can you clarify your advice0
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click on your own name and a pop up will open with the option to: see more posts by jamels2Thanks pixie can you clarify your advice
go read your own posts instead of endlessly repeating yourself
2013: 27 replies:
https://forums.moneysavingexpert.com/discussion/4824081
2013:
https://forums.moneysavingexpert.com/discussion/4439875
2012 - i see you have deleted those posts :cool:0 -
Awesome, thanks booksurr0
This discussion has been closed.
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