Hello all,
Not a full on multiple property Landlord but looking to expand what I do have, and looking for advice on a number of subjects.
I fell into being a Landlord 16 years ago after my Flat sale went sour, but thankfully the BS let me continue with buying our current home as long as I could cover the monthly payment and rent out the Flat then sell it at some point (no time stipulation).....they were desperate for my custom I guess!
So 15 years later I've had a few long term Tenants and the Property has gone from £40K (what I was going to sell it for) to £180K....and I'm still on a standard (non BTL) Tracker Offset which is at 1.25% with the ability to draw down more if needed. The Mortgage is Repayment with 6 to go.
Our current home is on a tracker Offset Mortgage currently @ 1.25% with three years to go and I have the possibility of drawing £130K "for any use".....so my thinking is..
Use the facility I have and draw sufficient funds from the two existing mortgages to buy another property. I have £35K as cash deposit to add to this if necessary.
The property I am looking at will cost £165K (repo) and I will need to spend approx £8K on tarting it up and supplying some furniture etc...the market value for it is approx £180K and has a potential monthly rental of £800 per month.
The main reason for getting another property is to have something for both my kids to start with....or to add to my retirement fund. So I know I already have capital in the first property and am quite sure that the other has good potential too.
I'm really undecided on whats the best way to fund this all...also my other half does not work and we do not use any of her Tax relief....it all goes against mine. Which I am sure cannot be efficient.
So any advice is welcome....failing that anyone advise of a Financial adviser or accountant (don't know which would be better!?) in the Pool, Dorset area?
Cheers
Not a full on multiple property Landlord but looking to expand what I do have, and looking for advice on a number of subjects.
I fell into being a Landlord 16 years ago after my Flat sale went sour, but thankfully the BS let me continue with buying our current home as long as I could cover the monthly payment and rent out the Flat then sell it at some point (no time stipulation).....they were desperate for my custom I guess!
So 15 years later I've had a few long term Tenants and the Property has gone from £40K (what I was going to sell it for) to £180K....and I'm still on a standard (non BTL) Tracker Offset which is at 1.25% with the ability to draw down more if needed. The Mortgage is Repayment with 6 to go.
Our current home is on a tracker Offset Mortgage currently @ 1.25% with three years to go and I have the possibility of drawing £130K "for any use".....so my thinking is..
Use the facility I have and draw sufficient funds from the two existing mortgages to buy another property. I have £35K as cash deposit to add to this if necessary.
The property I am looking at will cost £165K (repo) and I will need to spend approx £8K on tarting it up and supplying some furniture etc...the market value for it is approx £180K and has a potential monthly rental of £800 per month.
The main reason for getting another property is to have something for both my kids to start with....or to add to my retirement fund. So I know I already have capital in the first property and am quite sure that the other has good potential too.
I'm really undecided on whats the best way to fund this all...also my other half does not work and we do not use any of her Tax relief....it all goes against mine. Which I am sure cannot be efficient.
So any advice is welcome....failing that anyone advise of a Financial adviser or accountant (don't know which would be better!?) in the Pool, Dorset area?
Cheers