Hi Gang.
I’ve got (approx) 200k in my current property and have been told I can borrow another up to 330k. Ideally I don’t want to stretch myself so I’m looking at a mortgage of about 280k. This leaves me with about 480k.
This is clearly a lot of money and having never had this much I want to make sure I make the right choice. Should I.....
A) pay off the remaining 20k of my mortgage and let this and have another 800 quid a month rent coming in and move to another house with a mortgage?
B) sell my house- take the money and put it into a really nicer house in a nicer area.(altrincham / sale / Didsbury)
C) Sell my current house take the mortgage and buy off plan or a number cheaper flats / BTL properties? If anyone could tell me the tax implications / law regarding how these work that would be great.
D) Any other ideas on how to make my money work for me? **
**This is not open season for the forums comedians and men trapped in a horny teenagers mind to post things like “stick it up your nose” “go to Bangcock” etc etc cos I’m not interested.
Thanks.
You forgot:
E) Take out further mortgage to pay for City games, Wembley trips and Istanbul next season.
On a serious note I'd say B if it was me. Good luck