barrenwuffett
Registered User
- Messages
- 11
We are public sector employees with a combined salary of 130k.
Our house is worth 400k, mortgage left is 195k.
Ages 38 and 33. We have two young children. No childcare costs as lucky enough to have family minding our children.
We are considering buying an investment property, probably a two bed apartment. We are currently saving over 2k a month. We have a deposit for a buy to let.
Rental income for this property would be about 1500 pm and the property would cost about 200k with a mortgage of 130k.
Should we buy the property on a 20 year mortgage and use some of our extra income to pay down the mortgage as early as possible, leaving us with an asset providing passive income come retirement?
Thanks
Our house is worth 400k, mortgage left is 195k.
Ages 38 and 33. We have two young children. No childcare costs as lucky enough to have family minding our children.
We are considering buying an investment property, probably a two bed apartment. We are currently saving over 2k a month. We have a deposit for a buy to let.
Rental income for this property would be about 1500 pm and the property would cost about 200k with a mortgage of 130k.
Should we buy the property on a 20 year mortgage and use some of our extra income to pay down the mortgage as early as possible, leaving us with an asset providing passive income come retirement?
Thanks