We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Pay off residential mortgage or buy a new let to buy property?
DarkShadow
Posts: 180 Forumite
Hi all,
Hope you can shed some advice on this.
We have been a bit fortunate to be in a situation where we can pay off our current residential property. We can then buy a new property for rental income.
What I would like to know
Is it better to buy a new property and pay as much deposit as possible?
OR
Pay off current house and buy a new property and pay more interest there? (Then you get some sort of tax releif on rental income?)
Regards,
Hope you can shed some advice on this.
We have been a bit fortunate to be in a situation where we can pay off our current residential property. We can then buy a new property for rental income.
What I would like to know
Is it better to buy a new property and pay as much deposit as possible?
OR
Pay off current house and buy a new property and pay more interest there? (Then you get some sort of tax releif on rental income?)
Regards,
Bank accounts
Santander : 17 year relationship, 0 problems to date.
0
Comments
-
How much would the early redemption fee be? Do you have a percentage you can pay off every year without paying a penalty?"Everything comes to him who hustles while he waits" Thomas Edison
Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:0 -
Outstanding is 200k
I can pay 10% without penalty and remaining at 2%penalty.
The penalty fee can be recovered by not paying interest for a year I guess?Bank accountsSantander : 17 year relationship, 0 problems to date.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards