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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
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