Let to buy?

Comms69

rosstipha wrote: »

I’m not ignoring anything I’m here for advice on should I save or pay off.
Of course we don’t know where we are in 3 years.
Not very friendly this community is it.

I do apologise on behalf of myself and all the other posters; would you kindly lets us know what you'd like us to say (or write) and I'm sure we can all oblige

sal_III

rosstipha wrote: »

I’m not ignoring anything I’m here for advice on should I save or pay off.
Of course we don’t know where we are in 3 years.
Not very friendly this community is it.

If you are set on switching the current mortgage to BTL, letting the current property and buying a new home then - save. You should have have the minimum of 25% equity for it in 3 years.

If you don't plan to do that - over pay the mortgage.

The community might not look friendly, but some people need tough love and someone to slap the rose tinted goggles with imprinted £ signs off them. BTL and being a LL is not for everyone and definitely not the golden goose you believe it to be.

Smodlet

sal_III wrote: »

The community might not look friendly, but some people need tough love and someone to slap the rose tinted goggles with imprinted £ signs off them. BTL and being a LL is not for everyone and definitely not the golden goose you believe it to be.

Ain't that the truth? Wish to all the gods I could let you lot loose on the unspeakable moron who "rents" out the property adjoining ours to the Chav from Hell; she has not paid him a penny in about eighteen months and we are still stuck with her...

Pixie5740

rosstipha wrote: »

Thanks I!!!8217;m not looking to do this now. More on 3 years when I have more paid off.

My question really is do I save the additional 400 a month as a deposit or do I put it off the current house giving me a much bigger equity?

How do you know that paying off your current mortgage will give you much greater equity? As I said, you need at least 25% equity for a let to buy mortgage so how much more equity will you have by overpaying your mortgage by £400 a month? Does your mortgage allow over-payments without penalty? What if house prices fall in your area? It wouldn't even need to be much since you're not even at the 25% mark yet.

With that in mind I would save the money rather than overpaying the mortgage. Besides you have no idea what lending criteria will be in place 3 years down the line so I'd rather have access to cold, hard cash given the relatively short timescale.