Yes, it takes money to make money, unfortunately.How would you fund the purchase, looking for mortgage of 275k + 250k (you will have purchased costs, kitting out) do over 500k on a salary of 64k, don't think you will get finance, as BTL you would need 20% plus as a deposit
Annual pretax income 64k.
My current mortgage is 275k
Sorry ment to add its a joint mortgage partner has income of 34k gross.So you have a mortgage on your home at 4.3 times your income and you want to borrow more money?
You are very vulnerable already with such a high Loan to Income. Who knows where interest rates will be when your fixed rate ends?
You also have a high Loan to Value 72%. Who knows what will happen to house prices over the coming years.
So pay down your mortgage to a comfortable level. I would say twice your income would be the level of comfort required before you can think about investing in any way other than to pay down your mortgage.
Brendan
Didnt include that using worst case scenario incase partner didnt return to work after extended maternity leave.
You really shouldn't be considering a BTL property when you haven't even looked up the most basic requirements.20k sum.
Buy another property as a long term investment. There houses being sold for 250k that are making 2k per month in rent.
All going well you would have deposit back in 3 years and equity in the house built up.
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