We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 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!

Good idea? BTL

2»

Comments

  • expatfred
    expatfred Posts: 10 Forumite
    foxy-stoat wrote: »
    What is your net income per month and how much do you actually need to live on?

    Sounds like you don't need to do anything to me.


    Without too many specifics. 15k GBP per month net plus rent income. Outgoings are approximately 5k. Living in London etc.



    I'd like to free up 600-800k so I can just chill for a bit.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    What are you paying for your accommodation in london?

    How much of the £5k is lifestyle choices you may have to moderate?

    Simple soluton move somewhere cheap living cost £1k pm leaves a few £k to squander.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    UK £15k per month net

    the tax on that rental income won't leave much

    Go part time
  • expatfred
    expatfred Posts: 10 Forumite
    I'm going to leave the UK after the BTL mortgage and live in my wife's country. Will keep the rental income to pay for the BTL.



    the remortgage allows us to buy a niceish house and start over. I'll get a job at some point... Sadly
  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    With most Lenders £5,000 pcm rent will raise you around £700,000
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture