Mortgage/Financial advice
Seeing as the wrath is the font of all knowledge can anyone furnish me with basic costs/finances around this and if it is even possible.
Own my own house outright (valued at 350k) and looking at a new one at £530k with about £100k savings. Estate agent has suggested doing a buy to let on mine with an interest only mortgage and getting mortgage for new house. I reckon I could rent mine out for £1200 a month.
Anyone on here done similar or have any idea how that would work and roughly what I'd expect to be paying out a month on the new mortgage? They reckon rent would cover the interest only one and put some towards the new one but comparison sites aren't helping me.
Posted By: jonnym6 on June 27th 2021 at 17:29:02
Message Thread
- Mortgage/Financial advice (General Chat) - jonnym6, Jun 27, 17:29:02
- You'll have to pay income tax (General Chat) - RadgeCanary, Jun 27, 18:59:54
- I’m no expert, but there are a lot of things to consider (General Chat) - Under soil heating, Jun 27, 18:30:35
- Great response - thanks. (General Chat) - jonnym6, Jun 27, 18:41:00
- No worries mate. Good luck with whatever you decide. (n/m) (General Chat) - Under soil heating, Jun 27, 19:19:13
- Great response - thanks. (General Chat) - jonnym6, Jun 27, 18:41:00
- I presume in either scenario you are keeping your existing house? (General Chat) - SimonOTBC, Jun 27, 18:22:25
- I'm easily confused but (General Chat) - Jester, Jun 27, 18:16:20
- Rather personal question but are you a higher rate tax payer? (General Chat) - JoeyDeacon, Jun 27, 17:57:53
- I was advised to ditch/sell my rental property when the rules changed for this very reason (General Chat) - gameon, Jun 27, 18:31:13
- I know someone who has done exactly that (General Chat) - jamesward, Jun 27, 17:42:56
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