Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
So I am looking to make the next move as I have got too comfortable. My old saying is that when you are comfortable but not at your goal then you need to step it up a gear to get there faster.
3 x B.T.L. all at around 200k value with interest only75% LTV mortgages
All have good long term tenants; I'm not being greedy with rents and low maintenance.
Yields are good as is capital growth.
Residential around £450k with repayment around 40% LTV mortgage
War chest building up (around £40k). Not enough to get into another BTL where I want (SE 3or 4 bed Semi), I would need around £65k.
Events on the horizon……..
Anyone else gone through or going through a similar situation or indeed anyone with any advice on the best idea of the 7 above?
Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.
Further info.....we are early 40's, both in rock solid jobs just below higher rate tax threshold, no plans to retire as still have kids to get through uni as yet.
Great to hear about your journey so far and what your next plans are! It sounds like you have a strong start in your investment journey already and so you have many options to move forward.
Each idea you have sounds great and could be excellent for your next steps. Is there one in particular that suits your current needs best and is there anything you would like to do for your next steps?
It sounds like you have many good options going forward so I can’t wait to see what you decide to do next.
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
I like your thinking Pay down debt has to be a good thing
and as you LTV goes down when you remortgage you can get better rates
If your going to leverage dont use your home to generate Deposits
If s24 effects an investor than the LTD Co is the way to go
work smarter not harder
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
I am in the same quandary
Aged 46 with a small portfolio in SE London
3 BTLs, 2 at 50 LTV with the third at 30 LTV'
Residential mortgage of 230k on 550k house in Zone 4The issues I see are as follows;
S24 doesn't make it worthwhile to take on more debt unless you can transfer the income to your wife (which is what I am looking to do, is why she gave up her FT job!)
The size of the deposit; 100-150k in my area for a 300k 2 bed seems excessive for 500 pm cashflowFar better to build, I have just got permission to build an extended kitchen and annex to the back of my house self contained bedroom, bathroom and lounge for my retired parents which will cost 75k to build, annex size is about 50' x 12; which could be rented for 600pm in my retirement (10 -15 years time)
So I could get 10% return on my money and increase the value of my house without moving, in your situation I would build up war chest and a) pay down residential and b) invest in stocks and funds such as Vanguard for the kids etc, long term savings
S24 (income tax relief erosion) does not apply companies (who pay corporation tax, not income tax) so any new purchases should really be in a corporate structure / Ltd Company name - although I will caveat that with you must take specific tax advice from a a landlord savvy accountant, eg ww.Rita4Rent.co.uk
The range of BTL mortgages for Ltd Company borrowers has gone through the roof in recent times, so many options are now available, including some great exclusives available via the https://www.PropertyTribesFinancialServices.com team.
And don't forget ... every pound of debt, whether in personal or company name, is a pound of obligation back to the lender. The mortgages must be paid every month during your lifetime, and repaid in full in the event of a qualifying death, and appropriate and fit or purpose life cover to ensure your family is safe, is absolutely crucial.
Property Tribes Financial Services offers free reviews of all mortgages and life cover - call us anytime on 01206 654 444 to arrange your review.
FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE
PROPERTY TRIBES FINANCIAL SERVICES
CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES. PORTFOLIO MORTGAGES (VARYING TERMS) COVERED
MULTI CREDIT REFERENCE AGENCY REPORT, IN ONE DOCUMENT HERE.
You have not said your age or what you do for a living
I am a great supporter of diversification in 2019
I would invest in other areas
Pensions ISA Equity ect
I went down one road and I found the Govt blocked it ie S24 Stamp Duty ect
BTL is a good investment but its a highly taxed investment so it has to work twice as hard to match equity investments which can be tax free