Hi,
I have a principle residence and 5 investment properties. 2 years ago I had to come to the UK as things were getting very tight for me financially. To cut a long story short I have worked my ass off and I now have saved E40000. I would like some advice on which of the following to put it towards. My brother in law has suggested what he thinks is the obvious answer and I give his answer at the end but would appreciate other views
|value| outstanding mort| int rate |mortgage| rent
ppr| 160000 |120000| 1.45| 1100 | n/a
inv 1| 180000| 140000| 4.6 | 1200| 975
inv 2 | 200000 | 40000| 3.5 | 700| 1050
inv 3| 75000| 70000| 4.5 | 700 | 550
inv 4 |75000| 150000| 1.8 | 225(int only)| 500
inv 5| 75000 | 150000| 1.8 | 225(int only)| 500Obviously numbers 4 and 5are worrying. I bought in 2005. The only saving grace I have is that they are trackers and I know from reading here there are a lot of unfortunates who would think I'm doing ok.
My brother in law says pay off Inv no 2 as high int rate and it give sme 700 dis income. Is he missing anything?
Thanks for taking the time to read this!
NBC
I have a principle residence and 5 investment properties. 2 years ago I had to come to the UK as things were getting very tight for me financially. To cut a long story short I have worked my ass off and I now have saved E40000. I would like some advice on which of the following to put it towards. My brother in law has suggested what he thinks is the obvious answer and I give his answer at the end but would appreciate other views
ppr| 160000 |120000| 1.45| 1100 | n/a
inv 1| 180000| 140000| 4.6 | 1200| 975
inv 2 | 200000 | 40000| 3.5 | 700| 1050
inv 3| 75000| 70000| 4.5 | 700 | 550
inv 4 |75000| 150000| 1.8 | 225(int only)| 500
inv 5| 75000 | 150000| 1.8 | 225(int only)| 500
My brother in law says pay off Inv no 2 as high int rate and it give sme 700 dis income. Is he missing anything?
Thanks for taking the time to read this!
NBC