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    • darrrren
    • By darrrren 23rd May 17, 7:51 PM
    • 23Posts
    • 19Thanks
    buy to let, is it worth it?
    • #1
    • 23rd May 17, 7:51 PM
    buy to let, is it worth it? 23rd May 17 at 7:51 PM
    Hi everyone. I browse here regular but only post every so often. As it stands,i turn 28 next month, and i have 36k left on my mortgage. My salary is about 29k a year. I've had my house three years next month and have over paid on it since I've had it using my 10% over payment allowance each year. I have about 12k in stocks and shares isa, and a mutual fund which i want to keep going. What i normally do is save in my normal Isa, then when there's a big lump i overpay the house. I've worked out i can pay the remaining mortgage off by my early thirties, and im trying to gain some guidance. I've always said to myself, pay off my house first, then get another and let it out, so i only have one mortgage at any time. Another part of me is wondering instead of overpaying, am i better using that money and saving for another deposit, and get a buy to let. This would be more risk having two mortgages. A guy i know has 4 houses he rents out but obviously they all still have mortgages on them. My mum says buy to let is full of horror stories and to sta
    Y as i am. I just want maximum return for an investment, and although im happy as i am ticking along, i know with risk there's more potentiol for bigger earnings. However just overpaying my house saves me 30k in interest alone on my house over the period. Any input and stories appreciated.
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    • 00ec25
    • By 00ec25 12th Oct 17, 2:26 AM
    • 6,515 Posts
    • 6,077 Thanks
    Thanks, her total assets are about 750k so there is plenty of provision for a 93 year old in a CARE home!

    I will seek the advice of a registered financial advisor but BTL I thought would be one way to reduce the impact of a 38k a year outgoing.
    Originally posted by wellspurs
    I doubt she will live for another 10 - 15 years so a BTL looks more like you considering an inheritance than keeping sufficient cash available for her needs. Yes you have an LPA, yes it will be you not her who undertakes LL responsibilities, but all the same, I doubt an IFA would recommend a BTL in the circumstances - even allowing for the cynical view that an IFA may "just" be influenced to a product that pays commission to him
    • wellspurs
    • By wellspurs 12th Oct 17, 2:43 PM
    • 9 Posts
    • 0 Thanks
    I know it's a bit late now but you might have been better off tarting up her Oxford house and renting that.
    Recently I was in a rent or sell dilemma in Oxford, ended up selling a 3 bed terrace for 600k rent could have been circa 2250 pcm
    Originally posted by chappers

    Thanks, we looked into that but it would have been too expensive to tart it up sufficiently as you say! as well as the hassle of arranging everything from 3 hours away.

    It looks like we'll just have to "Try not to think about" 100 a day as we were hoping the 400k could safely be invested to mitigate the costs!
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