B
Barny
Member
I expect this thread could go in a number of different forum areas, but thought I'd do it here as I only deal in UK property (at present)!
For those who have BTL properties, or those looking to invest in property, I was wondering what everyone's goal is? Both short and long term.
For me, due to personal circumstances with having to stay under certain equity brackets for child maintenance, I have 2 clear plans, 1 short and 1 long term.
For background info, I have 3 BTL properties with 70% LTV, 75% LTV and 80% LTV, all of which are on interest only basis but overpayments are in place. I also have a residential property at 65% LTV.
Short-term: Dependant on fee's and charges, I'd like to remortgage the BTL properties to 80% LTV to free up equity to use as a deposit to put towards an additional BTL property. Immediate income is my aim here which caters for nice holidays, happy family as well as paying off extra towards our residential mortgage. Without any major spanners being thrown our way, I'd hope to have atleast 3-5 new BTL's in the next 10 years.
Long-term: (This will be in 10years when child maintenance stops) With the above overpayments and proposed additional BTL's, I'd hope our residential mortgage would be close to being paid and will therefore look to sell / remortgage where appropriate to start looking at development opportunities, this being both new builds as well as buying cheaper priced properties to "do-up" and sell on. I'll be 45 at this stage and would hope that the BTL income will allow me to go part time in my usual working role and the other time will be focused on the development projects to keep costs down and manage these myself with the long-long term idea to have a nice portfolio of BTL with increasing value, rental income and development projects, to give us a nice retirement and the kids a decent inheritance.
For those who have BTL properties, or those looking to invest in property, I was wondering what everyone's goal is? Both short and long term.
For me, due to personal circumstances with having to stay under certain equity brackets for child maintenance, I have 2 clear plans, 1 short and 1 long term.
For background info, I have 3 BTL properties with 70% LTV, 75% LTV and 80% LTV, all of which are on interest only basis but overpayments are in place. I also have a residential property at 65% LTV.
Short-term: Dependant on fee's and charges, I'd like to remortgage the BTL properties to 80% LTV to free up equity to use as a deposit to put towards an additional BTL property. Immediate income is my aim here which caters for nice holidays, happy family as well as paying off extra towards our residential mortgage. Without any major spanners being thrown our way, I'd hope to have atleast 3-5 new BTL's in the next 10 years.
Long-term: (This will be in 10years when child maintenance stops) With the above overpayments and proposed additional BTL's, I'd hope our residential mortgage would be close to being paid and will therefore look to sell / remortgage where appropriate to start looking at development opportunities, this being both new builds as well as buying cheaper priced properties to "do-up" and sell on. I'll be 45 at this stage and would hope that the BTL income will allow me to go part time in my usual working role and the other time will be focused on the development projects to keep costs down and manage these myself with the long-long term idea to have a nice portfolio of BTL with increasing value, rental income and development projects, to give us a nice retirement and the kids a decent inheritance.
