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Let to buy
Comments
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Interest only mortgage as opposed to repayment most likely.SpiderLegs said:
Voids + tax + maintenance costs?PeterJames123 said:…
We can release £97500 but be left with £64k after £18k stamp duty and £15 for. Put £64k down as a deposit and be left with a mortgage of £870 however the other property would be renting for £1200. We would take £450 to payback the bank, £100 management fee. We would still be left with £650 which we could then put towards our new mortgage of £870 bringing it down to £220 a month.I’m not sure if my numbers are correct and if there is something obvious I am missing. Our estate against said houses in our area instantly go. Looking forward to hearing your thoughts ok this or if you feel there is a better solution. Thanks.
I think I’ve missed something. Your current mortgage is £420, but you are going to release an additional 97k and that mortgage only increases to £450? Doesn’t your £1200 income have to now service a 180k mortgage?1 -
Ah yes good point.Snookie12cat said:
Interest only mortgage as opposed to repayment most likely.SpiderLegs said:
Voids + tax + maintenance costs?PeterJames123 said:…
We can release £97500 but be left with £64k after £18k stamp duty and £15 for. Put £64k down as a deposit and be left with a mortgage of £870 however the other property would be renting for £1200. We would take £450 to payback the bank, £100 management fee. We would still be left with £650 which we could then put towards our new mortgage of £870 bringing it down to £220 a month.I’m not sure if my numbers are correct and if there is something obvious I am missing. Our estate against said houses in our area instantly go. Looking forward to hearing your thoughts ok this or if you feel there is a better solution. Thanks.
I think I’ve missed something. Your current mortgage is £420, but you are going to release an additional 97k and that mortgage only increases to £450? Doesn’t your £1200 income have to now service a 180k mortgage?0
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