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  • Buy-to-Let

    Expand portfolio or pay down?

    I have no plans to pay off the portfolio other than my main house
    If need be I would use any spare money to pay them down if I downsize, or sell one of the houses

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    In your option 1 if you are using £100k to reduce your IO payments by £500per month that implies an interest rate of 6% which sounds very high for an owned property (or even a BTL property). 

    If so, that should be the first thing you should be looking to change.
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    Hi drdes
    The mortgage on my house is 230k
    80 repayment for 450 pm
    150 at 300 pm
    So if I repaid the repayment section plus 20 on top this would lower the cost to 250-300 pm
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    So for the sake of a couple of hundred quid per month difference, I'd probably keep the 100k cash in the bank as a war chest, you never know what opportunity may present itself, plus you can always pay down in the future if you need to. 

    That said I may have missed something as I haven't read the full thread yet.
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    You are existing not living

    Expand your portfolio and cut down your hours

    Let the property work for you and your daughter will have a gift from you in 20 years

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    Jonathan Clarke. http://www.buytoletmk.com

    Thanks for the comments
    I will hold fire for 12-18 months and decide, in the meantime I have gained permission to build a 600sq ft annex to the side of my house which I will build first
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