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advice needed,possible buy to let?
audidriver_2
Posts: 4 Newbie
Hi all,first post on the forums.just looking for some different point of views on my situation.
Bearing in mind i live in yorkshire where house prices are cheaper than down south.
I currently own a £120,000 with a £32,000 mortgage
I currently have more than enough to pay the mortgage off,but i'm thinking about buying a bungalow to rent out,there going for about £100,000 in my area.I could possibly put £50,000 deposit on a place ,but would require me to see an accountant regarding shares,cgt e.t.c..
I would see this as a investment for the future ie pension lump sum.
Any thoughts would be most appreciated.
Bearing in mind i live in yorkshire where house prices are cheaper than down south.
I currently own a £120,000 with a £32,000 mortgage
I currently have more than enough to pay the mortgage off,but i'm thinking about buying a bungalow to rent out,there going for about £100,000 in my area.I could possibly put £50,000 deposit on a place ,but would require me to see an accountant regarding shares,cgt e.t.c..
I would see this as a investment for the future ie pension lump sum.
Any thoughts would be most appreciated.
0
Comments
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What income would you get from it? As a rough rule of thumb multiply the monthly rent by 8 to 9 to get your actual annual income before mortgage cost. Will this cover the mortgage of £50k plus the interest on the £32k that you will leave outstanding?No reliance should be placed on the above! Absolutely none, do you hear?0
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Can't help with your question, but just to say I had to do a double-take with your user name as I didn't remember posting about buy-to-let's!!
I've sent you a PM.0 -
pm sent back yorkshireboy :rotfl: .
Regarding the question,should get £450 a month rent-10% agent fees,mortgage would be approx £300 a month.
Mortgage on current house is £210 a month.
Am i better making the mortgage on the 2nd property same as the rent so there is no tax to be paid?.
thank's in advance0
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