How much would it cost to repair apartment carpet?
Sell and Rent Back
Sell your flat fast for cash
As I see it my options are:
a)Pay the 4 months in full.
b)Not pay anything, move to the UK, and risk being sued and having my credit rating ruined in the UK
c)As (b), but try and do a deal with them eg, I pay them two months’ rent and we make another agreement that releases both of us from the lease. Although they are now saying they would not consider this, I think they will find it attractive once they are faced with trying to sue me, and possibly not getting anything. Also, this will allow them to relet as from now, so they will end up with double rent income for a period if they rent it out quickly.
Passive Income
I have around £50,000 equity in the flat, am I right in thinking I use this equity to put down on a mortgage for the next property?
Just don’t understand how it works, as some people have portfolio of millions but surely their ’salary x 4′ does not equal anywhere near this? For example - If my bank is already lending me £50,000 on a mortgage and the flat is now workth £100,000 and I not want to borrow another £100,000 but that will go way above my ’salary x 4′ how can I get this mortgage? Am I totally missing something in the buy to let market and how to start? I have researched property websites and they don’t actually tend to tell you how to grow a portfolio in ‘idiots guide’ fashion in terms of the finance. I have asked the mortgage company but they have said we don’t give this type of advice. Any help would be much appreciated!
Thanks Ed….so if I am earning £600 pound a month in income from the rent….I can assume I claim a further £7,200 per year as salary and then add that to my day job wage and times that by four and see what the mortgage company would lend to me, plus the equity? Is that right? So by just having the flat I have now, I could top it up by £7,200 x 4 = £28,800?
Sorry to be a bit dim!
Thanks Ed….so if I am earning £600 pound a month in income from the rent….I can assume I claim a further £7,200 per year as salary and then add that to my day job wage and times that by four and see what the mortgage company would lend to me, plus the equity? Is that right? So by just having the flat I have now, I could top it up by £7,200 x 4 = £28,800?
Sorry to be a bit dim!
Real Estate Professionals