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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.
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Replies
I've sent you a PM.
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 advance