remortgage in uk to buy here or pay off the uk mortgage?
May 31st 2007, 1:07 am
#1
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Thread Starter
Joined: Aug 2006
Location: Los Angeles Ca
Posts: 375
remortgage in uk to buy here or pay off the uk mortgage?
OK one for the financial wizzes here.. I know I have sort of asked this question before but maybe this is a slightly different take on this.
I am now renting out my property in the UK which after all expenses gives me about 5K pounds/year income before income tax. I could either use that to over pay my mortgage or use it to help cover a remortgage for a higher amount and use that extra cash as a down payment here.
Risks of doing that are that if I have a vacancy then I may have to suddenly pay a US mortgage and an extra big UK mortgage.
overpaying the mortage is the safest option but then I am still having to pay rent here...
any other opinions on this?
I am now renting out my property in the UK which after all expenses gives me about 5K pounds/year income before income tax. I could either use that to over pay my mortgage or use it to help cover a remortgage for a higher amount and use that extra cash as a down payment here.
Risks of doing that are that if I have a vacancy then I may have to suddenly pay a US mortgage and an extra big UK mortgage.
overpaying the mortage is the safest option but then I am still having to pay rent here...
any other opinions on this?
May 31st 2007, 2:49 am
#2
Homebody
Joined: Jan 2005
Location: HOME
Posts: 23,179
Re: remortgage in uk to buy here or pay off the uk mortgage?
OK one for the financial wizzes here.. I know I have sort of asked this question before but maybe this is a slightly different take on this.
I am now renting out my property in the UK which after all expenses gives me about 5K pounds/year income before income tax. I could either use that to over pay my mortgage or use it to help cover a remortgage for a higher amount and use that extra cash as a down payment here.
Risks of doing that are that if I have a vacancy then I may have to suddenly pay a US mortgage and an extra big UK mortgage.
overpaying the mortage is the safest option but then I am still having to pay rent here...
any other opinions on this?
I am now renting out my property in the UK which after all expenses gives me about 5K pounds/year income before income tax. I could either use that to over pay my mortgage or use it to help cover a remortgage for a higher amount and use that extra cash as a down payment here.
Risks of doing that are that if I have a vacancy then I may have to suddenly pay a US mortgage and an extra big UK mortgage.
overpaying the mortage is the safest option but then I am still having to pay rent here...
any other opinions on this?
www.fool.co.uk
May 31st 2007, 3:24 am
#3
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: remortgage in uk to buy here or pay off the uk mortgage?
OK one for the financial wizzes here.. I know I have sort of asked this question before but maybe this is a slightly different take on this.
I am now renting out my property in the UK which after all expenses gives me about 5K pounds/year income before income tax. I could either use that to over pay my mortgage or use it to help cover a remortgage for a higher amount and use that extra cash as a down payment here.
Risks of doing that are that if I have a vacancy then I may have to suddenly pay a US mortgage and an extra big UK mortgage.
overpaying the mortage is the safest option but then I am still having to pay rent here...
any other opinions on this?
I am now renting out my property in the UK which after all expenses gives me about 5K pounds/year income before income tax. I could either use that to over pay my mortgage or use it to help cover a remortgage for a higher amount and use that extra cash as a down payment here.
Risks of doing that are that if I have a vacancy then I may have to suddenly pay a US mortgage and an extra big UK mortgage.
overpaying the mortage is the safest option but then I am still having to pay rent here...
any other opinions on this?
May 31st 2007, 4:41 pm
#4
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Thread Starter
Joined: Aug 2006
Location: Los Angeles Ca
Posts: 375
Re: remortgage in uk to buy here or pay off the uk mortgage?
AS for Motley fool.. I do look there but like everything in the US you have to pay. The UK motley fool is free of course and I have asked similar questions but with no great success since its UK centric.. I tried on international investment forums there too but wasnt too helpful in that case.
May 31st 2007, 4:45 pm
#5
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: remortgage in uk to buy here or pay off the uk mortgage?
YEs that is what I was thinking.. if you dont mind me asking though, does the rent on the UK place cover the mortgage there or do you have to transfer funds from the US to the UK to cover that second mortgage?
AS for Motley fool.. I do look there but like everything in the US you have to pay. The UK motley fool is free of course and I have asked similar questions but with no great success since its UK centric.. I tried on international investment forums there too but wasnt too helpful in that case.
AS for Motley fool.. I do look there but like everything in the US you have to pay. The UK motley fool is free of course and I have asked similar questions but with no great success since its UK centric.. I tried on international investment forums there too but wasnt too helpful in that case.
Jun 1st 2007, 5:30 am
#6
Forum Regular
Joined: Feb 2004
Location: florida
Posts: 173
Re: remortgage in uk to buy here or pay off the uk mortgage?
OK one for the financial wizzes here.. I know I have sort of asked this question before but maybe this is a slightly different take on this.
I am now renting out my property in the UK which after all expenses gives me about 5K pounds/year income before income tax. I could either use that to over pay my mortgage or use it to help cover a remortgage for a higher amount and use that extra cash as a down payment here.
Risks of doing that are that if I have a vacancy then I may have to suddenly pay a US mortgage and an extra big UK mortgage.
overpaying the mortage is the safest option but then I am still having to pay rent here...
any other opinions on this?
I am now renting out my property in the UK which after all expenses gives me about 5K pounds/year income before income tax. I could either use that to over pay my mortgage or use it to help cover a remortgage for a higher amount and use that extra cash as a down payment here.
Risks of doing that are that if I have a vacancy then I may have to suddenly pay a US mortgage and an extra big UK mortgage.
overpaying the mortage is the safest option but then I am still having to pay rent here...
any other opinions on this?
Maybe split, do half and half
