H
hakounamatat
Guest
Hi there ,
I spent days reading through AAM to find similar case , apologies in advance if it is a duplicate one .
just bought 2 bed appartment last summer for 270K as a FTB , my mortgague is 195 over 20 years , renting out a room to help with the mortgague . Appartment value went up by almost 40K so fare ( good location ) . I am happy with my appartment but I don't think it's my permanent place to live in.
Having 40K lump sum in saving account and SSIA is coming up next year , don't know exactly how to invest this lump sum , thinking to buy a bigger new house within the area ( less than 125m2 with value 350K ) and want to get into shares as well or I better off top up my mortgague for peace of mind and buy bigger place in the future ? Not sure what to do as i find it crasy to keep my current appartment and rent it out to pay its mortgague , then move to the new one and rent a room or so , sometimes I find it a life time chance to benefit from low mortgague interst rate and to have my permanent house in th meantime . What would be the tax implications in this case as i intend to live in the new house. would it be considered as a buy to let ot there will be a claw back on my first place ?
Note : I am single , 33 yrs old , Annual income 55,000 , working in IT ( not secure job although i here 7 years ) , have no debits, contributed in pension already and still have around 20K for rainy days . If i loose my job i might get around 40K redundancy .
Appreciate your advice
I spent days reading through AAM to find similar case , apologies in advance if it is a duplicate one .
just bought 2 bed appartment last summer for 270K as a FTB , my mortgague is 195 over 20 years , renting out a room to help with the mortgague . Appartment value went up by almost 40K so fare ( good location ) . I am happy with my appartment but I don't think it's my permanent place to live in.
Having 40K lump sum in saving account and SSIA is coming up next year , don't know exactly how to invest this lump sum , thinking to buy a bigger new house within the area ( less than 125m2 with value 350K ) and want to get into shares as well or I better off top up my mortgague for peace of mind and buy bigger place in the future ? Not sure what to do as i find it crasy to keep my current appartment and rent it out to pay its mortgague , then move to the new one and rent a room or so , sometimes I find it a life time chance to benefit from low mortgague interst rate and to have my permanent house in th meantime . What would be the tax implications in this case as i intend to live in the new house. would it be considered as a buy to let ot there will be a claw back on my first place ?
Note : I am single , 33 yrs old , Annual income 55,000 , working in IT ( not secure job although i here 7 years ) , have no debits, contributed in pension already and still have around 20K for rainy days . If i loose my job i might get around 40K redundancy .
Appreciate your advice