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advice please
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lady123_2
Posts: 141 Forumite
hi eveyrone, i need a bit of advice on buy to let mortgages,
i own a flat worth app 230k remainder of debt 107k got a flexi tracker mortgage with woolich fixed until sept 06 with no tie ins, mortgage is £670 per month. also have a 25k draw down facility incase of emergency's, there is 20 years left on mortgage.
was going to sell my flat and just buy a family home for around 230k leaving me the same mortgage payments, but as ive just had my first child have been thinking of the future, So am now considering renting my flat out,( can get appr £1200 per month)
what's the best way of buying a house and renting my flat out,not bothered about weather prices go up or down as i need the house to live in and will pass the flat to my daughter in 20 years or so when its paid off, not sure if i need to realease equity from the flat as a deposit on the house.
any advice would be greatfully received, thx everyone
i own a flat worth app 230k remainder of debt 107k got a flexi tracker mortgage with woolich fixed until sept 06 with no tie ins, mortgage is £670 per month. also have a 25k draw down facility incase of emergency's, there is 20 years left on mortgage.
was going to sell my flat and just buy a family home for around 230k leaving me the same mortgage payments, but as ive just had my first child have been thinking of the future, So am now considering renting my flat out,( can get appr £1200 per month)
what's the best way of buying a house and renting my flat out,not bothered about weather prices go up or down as i need the house to live in and will pass the flat to my daughter in 20 years or so when its paid off, not sure if i need to realease equity from the flat as a deposit on the house.
any advice would be greatfully received, thx everyone
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