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£50k income + 6 houses but 0% chance of a loan
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Interesting point about loan interest rate though. I assumed it would be something like 10%, I had no idea it might be more than credit cards, there'd be no point people taking them out if that's the case.
1. Income of £50k between salary and rental profit as per tax return.
How much of that is salary?
How much of the rental income that makes its way to the tax return is consumed in letting expenses that are not deductible against tax? I'm particularly thinking of restrictions in mortgage interest and mortgage capital repayments, or are the mortgages all interest-only?
2. 6 houses
I assume that is one private residence and 5 rental properties
3. £30k unsecured CC debt.
Does that mean no emergency fund?
4. Remortgage plans to bring the mortgage payments down from £450 per month to £250.
Is this the total monthly cost of all mortgages? OR just the mortgage on one property?
How much of the £450 (or £250) is interest and how much is repayment?
How many of the 6 properties are mortgaged?
Mortgages are 65% LTV - on the rental properties that could mean that the nett contribution to monthly cash flow from the rental properties is actually quite low once mortgage interest and all other expenses are fully taken into account.
While I understand the OP's reluctance, the suggestions to reduce the number of properties by 1 may not be a bad one if that allows the OP to bring the overall financial position into one with some enhanced resilience and "head room". Doing so may give the OP the luxury of time (and yielding full value) rather than risk an unplanned event resulting in financial crisis and "fire sale" of one of the properties under duress.