Thanks Brendan as ever.
I hope to have 200k after cgt etc. I propose to use half to clear the mortgage on another investment property and the other half to fund UK pad- which is costing £475000.
My total irish mortgage debt after this would be 500k with conservative values of 800k
In the UK I would have an 85% LTV - 475000.
I earn £100k.
Do you think I should be more cautious buying Brendan with these figures? A cheap mortgage- 2.8% is available to me.
Nbc
The 20% I would pay in tax in Ireland will be credited to me in the UK. That's what my accountant here Has been doing anyway. Does that affect your figures much?
I will consider what you have advised seriously. I wasn't sure whether the mortgage company would allow me to borrow on my RIP to fund property purchase in the UK but neither you nor Brendan commented on it so I assume yes?
NBC
My friend tells me UK property in good locations have doubled in value every 7 years since world war 2 and that you would want to be an idiot to lose on it. I'm not quite so sure about that but his point is that despite the odd property collapse the overlal trend in London is always upwards. Russians, Chinese, Arabs etc all treat London property as a safety deposit box it appears.
nbc
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