K
Kevin Reid
New Member
Dear All,
The situation is this;
Mum gifts a flat to me (which I live in) once the mortgage is paid. Current Val circa £270k.
With my income I can remortgage this property for circa £150k on an interest only, 5yr fixed plan.
Monty repayments circa £300.
I then use £100k of this to repay my mum (the amount she paid off the mortgage) and use the remaining £50k as a 25% deposit on a BTL flat in Manchester, value £200k.
Mortgage plan is similar to the above, thus total outgoings will be roughly (£300+£300 mortgage per month + £400 for service charges/other bills on both places).
I would expect a rent on the BTL of circa £800pcm, thus meaning I will be around £200 worse off per month than I am currently.
I am looking to ideally do this all in my company name.
Does this seem quite sensible?
How would I go about acquiring a third property after these two deals are complete? Would it be through raising another £50k deposit?
My long term plan is to grow this portfolio over the next decade considerably.
Thank you all.
The situation is this;
Mum gifts a flat to me (which I live in) once the mortgage is paid. Current Val circa £270k.
With my income I can remortgage this property for circa £150k on an interest only, 5yr fixed plan.
Monty repayments circa £300.
I then use £100k of this to repay my mum (the amount she paid off the mortgage) and use the remaining £50k as a 25% deposit on a BTL flat in Manchester, value £200k.
Mortgage plan is similar to the above, thus total outgoings will be roughly (£300+£300 mortgage per month + £400 for service charges/other bills on both places).
I would expect a rent on the BTL of circa £800pcm, thus meaning I will be around £200 worse off per month than I am currently.
I am looking to ideally do this all in my company name.
Does this seem quite sensible?
How would I go about acquiring a third property after these two deals are complete? Would it be through raising another £50k deposit?
My long term plan is to grow this portfolio over the next decade considerably.
Thank you all.