Edenbridge14
Registered User
- Messages
- 19
Hi folks
Just looking for some advice
I am currently 47, in a 5 bed family home with 60K owing on a tracker of 1% with BOI - 9 years left - property value 500,000
I'm in a good job in IT in the public sector and just been offered a promotion so only way is up with job etc and earning 60k - granted no bonus but security
The family home has a granny flat on the side for 1-2 people that brings in 800 a month and under Rent a room relief so that ultimately pays the mortgage along with SKY and refuse bills for both the family home and the flat
Now as i am only in the public sector 6 years, my pension is dirt.
I am looking to invest in another property for a pension.
There are a couple of 2 beds in my area in the region of 155,000 with a HAP rental income of 1000 a month.
So i was considering surrendering my tracker on the family home and remortgaging for 200,000 for 20 years as my LTV is still under 50%
The repayments would be around 1100 a month for the next 20 years and this would be also covered not only by the rental on the 2nd property purchase but also by the granny flat on the side of the family home.
Given my age i don't think i'll be able to have this borrowing capacity - then on the flip side and my dads advice 'pay the mortgage off quick and don't ever borrow' - while his advice has paid off well up to now i don't want to sacrifice the opportunity of being able to invest in my pension while i can
i'm in good health thank god
Any advice would be most welcome
Just looking for some advice
I am currently 47, in a 5 bed family home with 60K owing on a tracker of 1% with BOI - 9 years left - property value 500,000
I'm in a good job in IT in the public sector and just been offered a promotion so only way is up with job etc and earning 60k - granted no bonus but security
The family home has a granny flat on the side for 1-2 people that brings in 800 a month and under Rent a room relief so that ultimately pays the mortgage along with SKY and refuse bills for both the family home and the flat
Now as i am only in the public sector 6 years, my pension is dirt.
I am looking to invest in another property for a pension.
There are a couple of 2 beds in my area in the region of 155,000 with a HAP rental income of 1000 a month.
So i was considering surrendering my tracker on the family home and remortgaging for 200,000 for 20 years as my LTV is still under 50%
The repayments would be around 1100 a month for the next 20 years and this would be also covered not only by the rental on the 2nd property purchase but also by the granny flat on the side of the family home.
Given my age i don't think i'll be able to have this borrowing capacity - then on the flip side and my dads advice 'pay the mortgage off quick and don't ever borrow' - while his advice has paid off well up to now i don't want to sacrifice the opportunity of being able to invest in my pension while i can
i'm in good health thank god
Any advice would be most welcome