Yeh
They suggested buy to let on my current property to generate some of the money and then a repayment mortgage on the new place. Basic calculation with rent covering some of the new mortgage would look like only £400 a month leaving money to overpay etc. Wasn't sure on additional costs of doing this or what would happen if I then wanted to sell my current house.
Wasn't looking at it as an investment - more away to purchase the new property that they made sound like financial sense but I just thought 'huh how does that work?'
Posted By: jonnym6 on June 27th 2021 at 19:27:23
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
- Yeh (General Chat) - jonnym6, Jun 27, 19:27:23
- 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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