New to investing in property
current situation:
own home value: 350000, mortgage 0
Cash: 40000 to 45000
Considering investment property
value: 295000
other expenses: 25000 (stamp duty, furnishing etc..)
Can I get a mortgage on investment property only (i.e.
20000 (after expenses) of 295000 leaves 7% deposit)?
Or would I need to release equity in my own home.
From TopTips it seems best to have as much as possible
of loan on investment prop to maximise tax relief on interest.
Any tips?
current situation:
own home value: 350000, mortgage 0
Cash: 40000 to 45000
Considering investment property
value: 295000
other expenses: 25000 (stamp duty, furnishing etc..)
Can I get a mortgage on investment property only (i.e.
20000 (after expenses) of 295000 leaves 7% deposit)?
Or would I need to release equity in my own home.
From TopTips it seems best to have as much as possible
of loan on investment prop to maximise tax relief on interest.
Any tips?