Hi All
To Clarify
I want to move, we have outgrown our current house which has no mortgage.
So I buy a new house which will mean taking out a new mortgage.
I rent my old house and income will subsidise my new mortgage.
So buying another house as an investment to rent is not the idea it will be a family home, but I am I lucky enough to be in position whereby I have a large deposit towards a new house so need not sell my current house to raise a deposit.
I am speaking to an account later today on the subject, but I think I have a good idea of what is involved regarding taxes an mortgages etc, well I hoipe so anyway. and all said on this thread so far has crossed my mind.
BTL or LTB are running at around 4 to 5 % where as a standard ones (where you have a good deposit) I can get for around 2.89% so I reckon that difference is big enough to warrant a standard mortgage and pay tax on the rental income ?
Also I would only be able to take out a certian percentage against my current house, and would not wnat to have the hassle of looking for another smaller mortgage on the new one.
I will borrow at MAX 150K
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