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should I buy?
robpaton
Posts: 9 Forumite
I have somewhere between £350,00-380,00 collateral in my London property (40,000 mortgage and value is approx 410-430,000).
I am self employed and have earned between 30-40,00 my last 3 years of work. I have debts of 5 grand on cards and about 5 grand in bank, no pension or investments. I am trying to work out how tor best utilise the benefit of the value of my property and was considering buying a small flat, perhaps in my home town of Glasgow where I still have family. But I have no experience of this and wondered if this is a wise move. If not, is there a way I can use the value locked in my London property to my advantage?
Rob.
I am self employed and have earned between 30-40,00 my last 3 years of work. I have debts of 5 grand on cards and about 5 grand in bank, no pension or investments. I am trying to work out how tor best utilise the benefit of the value of my property and was considering buying a small flat, perhaps in my home town of Glasgow where I still have family. But I have no experience of this and wondered if this is a wise move. If not, is there a way I can use the value locked in my London property to my advantage?
Rob.
0
Comments
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Is that £30-£40k a year or over the past 3 years in total.0
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I have somewhere between £350,00-380,00 collateral in my London property (40,000 mortgage and value is approx 410-430,000).
I am self employed and have earned between 30-40,00 my last 3 years of work. I have debts of 5 grand on cards and about 5 grand in bank, no pension or investments. I am trying to work out how tor best utilise the benefit of the value of my property and was considering buying a small flat, perhaps in my home town of Glasgow where I still have family. But I have no experience of this and wondered if this is a wise move. If not, is there a way I can use the value locked in my London property to my advantage?
Rob.
Potentially you could remortgage to release some equity from your London home to finance the purchase of a flat in Glasgow. What would you do with a property in Glasgow? Use it as a pied-a-terre when visiting friends and family, let it out, something else?0 -
How many views/offers have you had on your London flat?0
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I have earned 30-40 grand each of last three years,which is great, but I work in the Arts so it is not guaranteed to continue as things are very unpredictable. Partly why I am considering how to best use resources I have got.
Flat would be an investment/rental.0 -
Flat would be an investment/rental.
You should privately message the poster Crashy Time regarding this to see if he's interested; he's up in that neck of the woods and for some reason loves paying other people's mortgages for them. Play your cards right and you could have a tenant lined up before you've even bought the place!
Every generation blames the one before...
Mike + The Mechanics - The Living Years0
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