I didn't understand what you mean by "mortgage is interest only, you don’t have re-pay the debt at any point, carry on refinancing and never pay the debt". What does carry on refinancing mean? The debt has to be paid if the property doesn't have a tenant no?
Great video, I had a question like your £800 rent example. What about taxes? I know it’s dependent on income but now that you have to pay up to 40% taxes. Will the banks not factor that in? Or are there ways to make mortgage tax deductible after the new law
Great videos! I was wondering would it be a good idea for a parent to gift their house to their child, and the child (an adult) would buy to let another property as well as rent out the property that they were gifted. Is this doable?
Thank you! The last example (£200K property with £150 mortgage works like less than 4% return on investment. What in your experience is a good return? I think 10% is where we need to be give or take a little. I don't count possible increase of property value which is always welcome but that can go both ways. Cheers
10% isn’t going to happen with current interest rates in a great area. I’m fine with 4% if it’s in a strong capital growth area as that’s where most of the money is made
Hope you don't mind a question - currently remortgaged on a £300K house, my girlfriend recently has completed her house and so we have 2 houses. I have £180K left on my mortgage and it is in a city. I am thinking of renting my house out to live in hers. Is this recommended or maybe better to sell mine and port over? Thanks, awesome vid super easy to follow!
is it possible to pay for the property on the side using an interest only mortgage? Is it possible to send the lender everymonth an amount to pay for the principal of the property?
I want to buy my council property. £60k on Buy to let. I have 10k deposit. But I am unemployed, and on benifits. Do you think I would get a mortgage? I'm a full-time carer for a relative who I would go and live with. I don't want to lose my home, hence wanting to rent it out. Brill video! ❤