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Another question about buying - renting sorry
I know there has been similar questions asked recently and the best answer would be to see a financial advisor, but I'll give it a go.
I luckily bought a house at the right time and now my mortgage ends this year, currently valued at £90k. I have no pension set up at 33yoa so I've been thinking what's next.
Conclusion- re mortgage 75% the value of my home and buy 2 or even 3 property's to let on an intrest only basis, paying 25% into each one .
The houses in mind range from £49k - £70k and rent from £80 - £90 p/w
With the intension of moving into one of them and letting my current one,and selling all 3 in 30 years keeping just the one again.
Is this situation worth the work of being a landlord.
Your advice please.
Renton seems to know about this subject......
But they can't all be like that, or can they?
It's a good time to buy while a majority of property is bumping along at the bottom of the market.
Most BTL lenders are still looking for 30%-40% deposit so it's worth finding out what mortgage products are available to you before considering what percentage of your current property to re-mortgage.
Good plan to sell up in 30 years (or maybe less depending on market performance!), worth doing some planning to minimise your capital gains tax liability at your exit point.
Must point out that I'm not a financial advisor but I am a BTL landlord!