L
lotusm
Guest
Hi
This is the Situation at the moment. I owe my home valued €220K and e a took out a mortgage of €82.5k nearly 4 years ago, I rent out 2 rooms and I am getting €100 a week rent a room. I have a fixed mortgage of 4.25% which expires in December 2005.
I bought a second property last year, however because the builder had problems with the site, it will not be built until the autumn 2007. This property had a sale value of €175k when I bought it. It is now valued @ €210K. I have paid a balance of €17.5K on the second property from saving. I plan to move into the second property and rent out my 1st property.
I’m thinking off putting a deposit on a 1 bed apartment in the same development which I can get for €145K. I think I can get €500-550 monthly rent.
I have SSIA Maturing in April 2006 of hopefully around €25K
I also have some shares maturing... €4k in May
My Salary is €45K and I am single
My questions.
1. I have to gather a deposit of €15K for the 3rd party, what is the best way to do this?.
2. Should I increase my mortgage on my existing property
3. What is the most tax efficient way of doing all this?
4. what is the best mortgage available to be now on my existing mortgage?
If there anything else I should be think into account I would be grateful for any suggestions.
Thanks.
This is the Situation at the moment. I owe my home valued €220K and e a took out a mortgage of €82.5k nearly 4 years ago, I rent out 2 rooms and I am getting €100 a week rent a room. I have a fixed mortgage of 4.25% which expires in December 2005.
I bought a second property last year, however because the builder had problems with the site, it will not be built until the autumn 2007. This property had a sale value of €175k when I bought it. It is now valued @ €210K. I have paid a balance of €17.5K on the second property from saving. I plan to move into the second property and rent out my 1st property.
I’m thinking off putting a deposit on a 1 bed apartment in the same development which I can get for €145K. I think I can get €500-550 monthly rent.
I have SSIA Maturing in April 2006 of hopefully around €25K
I also have some shares maturing... €4k in May
My Salary is €45K and I am single
My questions.
1. I have to gather a deposit of €15K for the 3rd party, what is the best way to do this?.
2. Should I increase my mortgage on my existing property
3. What is the most tax efficient way of doing all this?
4. what is the best mortgage available to be now on my existing mortgage?
If there anything else I should be think into account I would be grateful for any suggestions.
Thanks.