What should Anthony do? 😀. Learn to invest in property as a beginner UK (Buy-To-Let, HMO, Rent-To-Rent): financialjoyacademy.com . ★★ APPLY FOR OUR NEW DILEMMA SERIES ★★ Apply for Our 'Money Dilemma' series on YT 🎥 😀. 𝗪𝐇𝐀𝐓 𝐈𝐒 𝐈𝐓? We'd love to solve your awkward, complicated, or juicy money and life dilemmas. Everything from stock market investing, making money, debt management, starting an online business, saving money, career maximisation, property investing, digital assets, marriage, and relationships, etc. We'd do it by giving you a DETAILED answer via a YT Video. We'll keep your identity Anonymous and only refer to you by first name. To have the best chance of being selected, please read the below carefully 😀 𝐇𝐎𝗪 𝗪𝐈𝐋𝐋 𝐈𝐓 𝗪𝐎𝐑𝐊? 𝐒𝐓𝐄𝐏 𝟏: Record your Money Dilemma as an AUDIO using the audio recording app on your phone. It must be a MAXIMUM of 2 Minutes audio. Add as much info as possible, keep it nice, simple and straightforward. The more complete your dilemma, the more we'll definitely reply. 𝐒𝐭𝐚𝐫𝐭 𝐘𝐨𝐮𝐫 𝐀𝐮𝐝𝐢𝐨 𝗪𝐢𝐭𝐡: 'Hi Ken & Mary, I'm X from Y. Here is my Money Dilemma...' E.g. "Hi Ken and Mary, I'm Josh from London. Here is my Money Dilemma..." 𝐒𝐓𝐄𝐏 𝟐: Email your audio recording to: 𝐃𝐢𝐥𝐞𝐦𝐦𝐚@𝐭𝐡𝐞𝐡𝐮𝐦𝐛𝐥𝐞𝐩𝐞𝐧𝐧𝐲.𝐜𝐨𝐦 𝐒𝐓𝐄𝐏 𝟑: Include these in your email body. 𝐒𝐮𝐛𝐣𝐞𝐜𝐭 𝐋𝐢𝐧𝐞: "Money Dilemma" followed by your first name and City. E.g. "Money Dilemma, Josh from London". 𝐁𝐨𝐝𝐲 𝐨𝐟 𝐄𝐦𝐚𝐢𝐥: Copy and Paste this... "Hi Ken and Mary, here is my Money Dilemma. I give you full permission to use my audio recording on KZitem or any other social platform or website." This is gonna be a lot of fun! 😀. We look forward to receiving your Money Dilemmas.
@fooddweller
2 жыл бұрын
@Humble Penny What about Investing that money in index fund / ETFs vs Buying property, which one is the best option??
@TheHumblePenny
2 жыл бұрын
@@fooddweller I'll create a video about this :)
@fungirl0123456
2 жыл бұрын
I agree with the advice as well. Anthony is lucky he earns a good wage and his rent is reasonable. What if Cambridge becomes more gentrified and rent goes up (which it most likely will). Better to buy your own property first whilst earning a good wage and then later.
@TheHumblePenny
2 жыл бұрын
Interesting point about gentrification
@kujouk
2 жыл бұрын
Some good points, but if Anthony buys the BTL in a limited company, he'll pay the 3% stamp duty on that which will leave him free to buy a property in his name later without the 3% second home stamp duty, technically the company owns the house and not Anthony. Nothing to stop him doing both in a few months, take in a lodger, just under 8k tax free or as they call it now, "house hacking".
@TheHumblePenny
2 жыл бұрын
Thanks for sharing, Chris.
@ogopinions9082
2 жыл бұрын
Maybe things have changed but a few years back many mortgage companies wouldn't offer a buy to let mortgage to a 1st time buyer and often asked for bigger deposits if they did. I have property up north and one thing people don't do enough is due diligence on the area they are buying in. Don't just visit the property and spend a couple of hours looking around the area, spend a few days and speak to a few locals about the area. Also appreciate that even using a letting agent you'll probably visit more often than you think. Another option which is how I started out was to buying residential property that I intended to let i.e 2 bed flat near a station, town centre, tesco, Motorway and in the area that I wanted to eventually live in (I put it on a interest only and continued to save). I actually bought 2 investment properties while I was then let that and bought a house a few of miles up the road.
@TheHumblePenny
2 жыл бұрын
Smart. Thanks for sharing.
@laa2009
2 жыл бұрын
The biggest issue here is right at the beginning of his plan. Any property currently worth 50k is going to need ALOT more than 5k improvements to make it livable. Otherwise its just slapping paint on the walls to cover mold and taking advantage of people with a low rental ceiling. A 50k property even in the North is going to be an absolute wreck.
@TheHumblePenny
2 жыл бұрын
Very good point about the renovation costs being underestimated.
@TheWellnessAbbey
2 жыл бұрын
Agreed- I did think £5k was a bit ambitious!
@Soulfulmotivation101
2 жыл бұрын
This has been a big eye opener as I have been in such dilemma recently. I am part of the FJA dream makers and I have been looking for opportunity to ask this question. Thanks so much Ken and Mary for addressing this. I think the best option for me is to buy my residential property then remortgage and take the equity to start my buy to let property. Thanks a lot
@TheHumblePenny
2 жыл бұрын
Hey Dream Maker! 😊. Great to hear from you. Please feel free to join our next Coaching Call in 2 weeks and we can discuss more face to face. Also, there is the FJA Property Mastermind where you can discuss with us and other property investors or those aspiring to start investing in property.
@Samuels691
2 жыл бұрын
Great watch! Not sure I would personally waste my FTB status on a BTL. Definitely buy your own place first. Anyways, housing in the U.K. seems to be viewed as some sort of lucrative financial asset or “investment” rather than a basic need. Maybe it’s one of the reasons why we have a housing crisis here in the U.K…
@TheHumblePenny
2 жыл бұрын
Good points.
@KingsleyOfosuTwumEmergeMedia
2 жыл бұрын
True
@m7properties156
2 жыл бұрын
Great video guys! One of the key elements which was missing from Anthony’s plan was the associated buying costs with either option. So lender fees, legal fees, necessary insurance premiums, valuation fees these would all need to be factored into his calculations. I also think again about the associated costs with the option to remortgage all these fees need to paid again to achieve this goal furthermore his mortgage repayments on the first BTL would increase to account for the additional borrowing. A lot for him to consider but a good position to be in as he does have options & I’m sure he feels empowered with all the great input he has received from you Ken & Mary as well as the viewers of this video.
@TheHumblePenny
2 жыл бұрын
Fab points! 😊
@MoneyGist
2 жыл бұрын
This!
@SegunA887
2 жыл бұрын
Interesting topic by you both...Can I add to the topic. 1) I assume banks do not lend on such a small amount.The mortgage is too low! 2) Can't Anthony buy a home and then get a lodger in one of the rooms..i.e if he hasn't got a family, he will be earning a big extra income as room prices are high in that part of the country.He's also tax exempt for extra income less than £7500. 3) Left to me, I will buy a home to live in Cambridgeshire as the capital appreciation within 2 years in that part of country can allow him remortgage and use that for deposit on BTL. Not sure properties up north will generate that.
@TheHumblePenny
2 жыл бұрын
Segun Excellent points! 1) They do lend. At least on £60K properties they do as we're aware of someone who has this as a core strategy and did a Masterclass on it for us at Financial Joy Academy. 2) Solid point and I'm glad to see that you mentioned the family point as this will mostly appeal to a single person. 3) Agree. That part of the world is pretty hot for residential homes and tend to keep and grow in value far more than many other parts.
@SegunA887
2 жыл бұрын
@@TheHumblePenny Thanks for taking your time out to respond.
@Pippa.G
2 жыл бұрын
You must have read my mind. I had this question and your notification just came through 😀
@TheHumblePenny
2 жыл бұрын
Haha, awesome! Please share with others 😀
@Pippa.G
2 жыл бұрын
@@TheHumblePenny So I was in similar situation. Renting and had some savings but I took the option to get on the property ladder and buy a house. Now I'm working towards saving to invest in properties - not sure whether to flip properties and sell on, or do a buy-to-let.
@nevertoolate8589
2 жыл бұрын
That was such a great video. I agree with your conclusion. Also, I think 5k for reno is massively underestimated, even up north. Unless he can do all the work himself and just buy materials ans still … I don’t think it was mentioned but another pitfall could be that borrowing for a BTL when you don’t already have a BTL property or don’t own your own home can be tricky. It is a requirement for most lenders. I would totally encourage him to buy his own home first. Then he can save for another deposit for a BTL. Or wait a couple of years and release some equity for that deposit.
@TheHumblePenny
2 жыл бұрын
Thanks for sharing wisdom here 😊
@TheWellnessAbbey
2 жыл бұрын
This is a great question and one a lot of us have thought about. I've filmed a video on this topic also but need to edit it! 😅
@susiecena
2 жыл бұрын
I'm in a similar situation and leaning towards a BTL. I'm 26, no kids or husband (but with a boyfriend) and really not sure where I would like to live long term so don't want to tie myself down to one place for 5+ years. Renting gives me flexibility move locations quickly and a BTL would give me monthly income to save for a deposit on a larger home when I am married with children.
@TheHumblePenny
2 жыл бұрын
Susie, really interesting to hear your personal situation. Have you had the conversation with your BF about the long term and where to live? We had that conversation when we were around the age of 27 and it helped give us a lot of clarity.
@susiecena
2 жыл бұрын
@@TheHumblePenny Yes we've discussed it but our situation is a bit different. We've been together a year and a half and he was in the process of buying a house in London when we first met so he's planning on living there for a few years. I think the plan is now for me to move jobs to London in a year or so and move in with him in around 2023. Long term, we'd like to buy a house in the countryside, and have some investment properties as well. Would be interested to hear your perspective on how you'd approach the situation
@MoneyonTheSide7
2 жыл бұрын
Happy New Year Ken & Mary! Long time fan here - I had my first 5 figure month in December with Amazon KDP! Thanks to your videos I have changed my relationship with money. I plan on using my earned income to buy BTL properties in the near future. Keep up the great content!
@TheHumblePenny
2 жыл бұрын
Happy New Year, Ben! 😊. Good to hear that our videos have helped you to improve your relationship with money. Congrats on your December results. We'd like to explore your story some more and possibly an interview. Pls drop me an email to Ken @ thehumblepenny.com . Thanks
@MoneyonTheSide7
2 жыл бұрын
@@TheHumblePenny Thank you, I will take you up on that soon. 🙂
@kyabangi5631
2 жыл бұрын
I quite enjoyed this topic. To me buying my own first was priority for the simple fact that I was sick of the hussle that comes with being a tennant and the insecurity. So I'm now saving up for a BTL which I will be buying as an investment for my company. I don't know if this is a smart move but it kind of makes sense to me.
@TheHumblePenny
2 жыл бұрын
Thanks for speaking to the hassle and insecurity.
@bartoni79
2 жыл бұрын
It’s not a difficult concept to understand but some on screen graphics would definitely illustrate the scenario a lot better than just describing it with words.
@TheHumblePenny
2 жыл бұрын
Interesting. We did use graphics. Perhaps we could have used more graphics for a summary of the scenario. Thanks for suggesting this.
@bartoni79
2 жыл бұрын
@@TheHumblePenny I’m not all the way through the video (I haven’t got to the graphics bit yet) but watching it real time, it would have been useful in the summary. Nice work
@MarkFinance
2 жыл бұрын
There's a ton of content out there for people who are trying to make a quick buck in real estate, but a lot of them ignore the risk involved. Owning your own house as stability that makes it easier to take risks down the line. I would do that first.
@TheHumblePenny
2 жыл бұрын
Very good point.
@jordanmeko
2 жыл бұрын
Thank you so much for addressing this! I’ve been struggling with this decision so much 🤞🏾 Clicked as soon as I saw this vid!
@TheHumblePenny
2 жыл бұрын
Hey Jordan Thank you 😊. Glad this one helped you out. Please share with others.
@MarkFinance
2 жыл бұрын
Nice one guys. Definitely makes more sense to buy personal first, and keep the order of operation straight. Good advice!
@TheHumblePenny
2 жыл бұрын
👊🏾
@gh6347
2 жыл бұрын
If you purchase a buy to let via a limited company and then buy a residential home in your name would you still be classed as a first time buyer?
@marhen9323
2 жыл бұрын
Good question
@Afrinaturality
2 жыл бұрын
I don't see why not as a limited company is a separate legal entity.
@EmmaLouiseHamilton
2 жыл бұрын
It's very hard to get a BTL without a property in your name first because the banks want something to come after if you default on payments
@Afrinaturality
2 жыл бұрын
@@EmmaLouiseHamilton I am not knowledgeable on this subject so please correct me if I'm wrong, but isn't the whole point of a limited company to limit your liability? The government cannot come after your personal assets if you purchased the BTL as an asset within a limited company (which is a separate legal entity to you).
@EmmaLouiseHamilton
2 жыл бұрын
@@Afrinaturality When we looked into it a few years back it was virtually impossible to get a BTL through LTD without being a home owner first. If you do a quick check of whats avaliable now, there is usually a bullet point before you apply saying need to be a homeowner first. Theres often caveats with loans through limited companies that if you default you'll be personally liable (this is from my own experience - others may have experienced different) ...where I know for sure that LTD protects you, is if you bring a product to market and there is an issue with it, that person would sue the company not the Director personally.
@penelopeadlebury
2 жыл бұрын
Amazing! I recently decided to do residential with lodging first based on cons of B2L- great video✨
@TheHumblePenny
2 жыл бұрын
We like your approach here, Vera. But it's likely that this is only ideal for a single person. Thoughts?
@penelopeadlebury
2 жыл бұрын
@@TheHumblePenny yes true! Or a couple with no kids yet? The lodging idea is to generate additional income 😄
@MA-ox5jl
2 жыл бұрын
Thank you. I have this dilemma too but dont have a high salary. He can purchase the property under a LTD as he is on the 40% tax bracket and since he wants 2 properties it will be cheaper tax wise to own both. If he does this he can then by his personal property in his own name.
@TheHumblePenny
2 жыл бұрын
Thank you for sharing :)
@muchataps3253
2 жыл бұрын
Hi Ken and Mary, An interesting dilemma. Thank you. I think what would have been beneficial and a bit intrusive for the audience to know would be 1. His overhead expenses 2 . Debts such as consumer debt 3 whether he has children or not. 4. Age. It is my view knowing all this would give us a perspective whether going for a 300 000 mortgage is ideal or whether it would be better if he bought a residential property for like 200 to 250 and he puts 30 000 down. That's a significant down payment and it would mean his monthly mortgage would be less and he could potentially put overpayments and pay off early as well as invest the remainder.
@TheHumblePenny
2 жыл бұрын
You make a solid point. Unfortunately, dilemmas like this don't come with complete information. So we have to work with what we have. The point you made about his age is very important and as to whether there are children involved or not. We've taken note of this for future dilemmas 😀
@ajulydreamer
2 жыл бұрын
I agree, He should buy his residential first then BTL
@TheHumblePenny
2 жыл бұрын
Thank you 😊
@huwevans7089
2 жыл бұрын
Interesting topic. My take on it is he should buy the investment property, but sell it once refurbished. Based on the figures in the video, he would turn his £30k into £53,750. Then buy another property and repeat, and repeat. Within a couple of years he would have the deposit for his own home and working capital to buy properties to flip and then look fo rbuy to lets.
@TheHumblePenny
2 жыл бұрын
Thanks for sharing your approach, Huw. We appreciate your thoughts.
@TheWellnessAbbey
2 жыл бұрын
Makes a lot of sense! It is tricky for FTB to get a BTL mortgage, but once/if he passes that hurdle he'll be sure on his way!
@koconnor3814
2 жыл бұрын
Option b in a company name so he can still have ftb benefits later?
@ravikalra759
11 ай бұрын
Hi ken, i like your tshirt. May I know from where u bought it.
@adejuwonodugbesi3102
2 жыл бұрын
I agree with the suggestion (non advised) he can maximize his first home and only pay stamp duty on the second but to let. For 50k it’s less than he would think and deposit is minimum 25%. I am in that space and thinking of investing soonest.
@TheHumblePenny
2 жыл бұрын
Thanks for sharing 👍🏽
@rumbimutopo6262
2 жыл бұрын
Greater discussion and l think alot of people have this in mind. Please do keep exploring this and providing more details and insights to the subject matter
@TheHumblePenny
2 жыл бұрын
Thanks Rumbi 😊
@CommonInvesting
2 жыл бұрын
Love you guys. So inspirational, a lovely couple and really trying to help people, hats off to you! I'm currently in the process of starting a KZitem channel, just really anxious about getting on camera etc! Wish me luck, lol
@TheHumblePenny
2 жыл бұрын
Hi David, thanks so much! 😊. We totally get you feeling anxious. We were EXACTLY the same. But we focused on starting small but being consistent and it has worked so far. You can do this!!! 💪🏾💪🏾. This month, about 20 of us at Financial Joy Academy are starting KZitem channels. Including us! As we are launching "The Humble Kitchen", so we're starting from scratch like you are but with a lot of experience from doing The Humble Penny.
@fairfacttv8175
2 жыл бұрын
50k house in the North is so 5yrs ago, go on right move. No 50k house can be renovated for 5k.
@TheHumblePenny
2 жыл бұрын
Interesting point about the renovation costs. Thanks for sharing.
@Brinasays121
2 жыл бұрын
Can you speak more about being a higher rate tax player and buy to let and limited company etc
@TheHumblePenny
2 жыл бұрын
Sure
@tinad721
2 жыл бұрын
This is me and definitely going to use my case to see if I can get more advice too
@Brinasays121
2 жыл бұрын
@@tinad721 I am about țo be too and wasn't aware of the issue and need to look into getting some advice on my particular circumstances I really need a good Solicitor and Financial Advisor to speak to. I really like these guys and I am thinking about joining their group, it's just the time commitment for me at the moment that is stoping me from joining now
@tinad721
2 жыл бұрын
@@Brinasays121 please do. The bonus is the love and care from them in each topic.
@90sBabyShow
2 жыл бұрын
Thanks for the info guys
@TheHumblePenny
2 жыл бұрын
You're welcome!! Hope you guys are well. We must find a way to collab! 😊
@stephendahl8079
2 жыл бұрын
Fantastisk video as always, so much value to gain by following the humble Penny :-)
@TheHumblePenny
2 жыл бұрын
Thanks so much, Stephen 😊. Please share with others
@ayoadeyo
2 жыл бұрын
So much value!! Thank you for sharing 🙌
@TheHumblePenny
2 жыл бұрын
Thank you! Please share with others 😀
@ayoadeyo
2 жыл бұрын
@@TheHumblePenny I definitely will!!
@sheraziqbal9556
2 жыл бұрын
Do a bit of both. Buy his residential property. As a first time buyer he will save money on stamp duty and get a good mortgage rate. He then starts having equity in his own property and he can benefit from UKs rent a room scheme and earn up to £7500 pa tax free.
@tinad721
2 жыл бұрын
Excellent choice of topic. I am in almost a similar situation. I think we should do a few videos on this please. Is remortgaging that easy? I am now tempted to send in mine. Thank you very much 💐🙏
@TheHumblePenny
2 жыл бұрын
Send in your dilemma 😀. Details in the video description.
@jamaicadiaspora6642
2 жыл бұрын
I had this same question. Thank you for clearing that up 😊
@TheHumblePenny
2 жыл бұрын
You're welcome 😊
@tinad721
2 жыл бұрын
Buy to let income is not taken into consideration if you are buying a property to live in. Also I this you need to think about paying tax on income. However, you can always deduct the expenses on the house. The lower your tax code e.g. 20% ( below 50k) , the better it is for you to some earnings. A house to live in, they take your available cash, salary and how much you can borrow. I am in a similar situation except that my B2L is almost paid off but contemplating if I should use the money to buy 2 properties as I have another pot of savings that I would like to use for buying a house to live in. My humble question is: Do I need to spread this out and will they consider my earnings for both? Will this have an impact on either of them? I am aware of the stamp duty but not sure how it would apply if it is B2L. Many thanks
@TheHumblePenny
2 жыл бұрын
Sounds like a dilemma you should submit 😉
@ka-ta-ya9565
2 жыл бұрын
Brilliant discussion! Thank you guys. Gave me a lot to consider too.
@TheHumblePenny
2 жыл бұрын
Awesome! Do share with others
@stephen6262
2 жыл бұрын
Hes on great wages in a great area I would buy my own home first pay down the debt overpay. Then also save a deposit on a buy to let. In 2/3 years have a look then
@TheHumblePenny
2 жыл бұрын
Thanks for the suggestion, Stephen :)
@jasonoppong4874
2 жыл бұрын
Enjoyed the video. I'm a novice in this field but 1 Question. Why is his equity after re-mortgaging £23.75k instead of £40k? he only took out a 50% mortgage on a 50K property so doesn't he only have to payback that £25k? it shouldn't change with the property appreciating??
@fooddweller
2 жыл бұрын
@Humble Penny What about Investing that money in index fund / ETFs vs Buying property, which one is the best option??
@TheHumblePenny
2 жыл бұрын
We'll make a video about this :)
@fooddweller
2 жыл бұрын
@@TheHumblePenny thank you 🙏
@evewray
2 жыл бұрын
Loving these videos with the two of you! For a future topic I’d love to hear your thoughts on buying property through a limited company as it’s something I’ve only just heard about and as a self employed person, wondering if this is a better option than getting a lower personal mortgage as a FTB. Also would love to hear your thoughts on buying land rather than houses.
@TheHumblePenny
2 жыл бұрын
Noted and thank you 😊 🙏🏾
@LomasLifestyle
2 жыл бұрын
Yes please a video on this. I remember Patricia bright mentioning it vaguely. Would live to know more.
@ilukann16
2 жыл бұрын
I work full time, looking to get some buy to let properties. Is repayment mortgage a wise choice considering I'm not looking to make huge profit per today? I don't want to rely on property appreciation to pay off the mortgage at the end of the term with the interest only mortgage. Intend on paying of the mortgage then making profit during my retirement.
@Brinasays121
2 жыл бұрын
Thank you for the links
@sheilayoyo
2 жыл бұрын
Wheres the mortage calulayor i clicked the link its not taking to it?
@TheHumblePenny
2 жыл бұрын
You have to subscribe to download it. thehumblepenny.com/MortgageCalculator
@sheilayoyo
2 жыл бұрын
@@TheHumblePenny I found it thanks the excel sheet is excellent and so eye opening I was trying to find a video of you guys using it as I don’t I know how much to over pay. Also just made a purchase of the budget calculator which I am going through now. Thanks guys 🙏🏾🖤
@trb294
2 жыл бұрын
I have had a similar dilemma interested in the response
@TheHumblePenny
2 жыл бұрын
Great! What did you think of the conclusion?
@lilmizzattiq786
2 жыл бұрын
I have a question. What if you buy a residential home but then later want to use as a buy to let? Is that possible?
@TheHumblePenny
2 жыл бұрын
Yes. You can. You ask the bank for what's called a "Consent To Let" without the need to get a BTL mortgage. They'll grant it and you'll get it renewed ever so often (every couple of years or so). Then if you want to move onto a BTL mortgage, you can.
@lilmizzattiq786
2 жыл бұрын
@@TheHumblePenny Thank you :)
@lilyunknownYT
2 жыл бұрын
Hey I have a question :) Thanks for this video I found it really insightful and just subscribed as I’m in a similar position… if I was to purchase my buy to let first would I need to pay the ‘additional rate’ of Stamp Duty on a future residential home after. It would become my main residence, but I wouldn’t have a main residence to sell because I would be moving from my mums home. Hopefully that makes sense but I’m really struggling getting answers on this as I’m hearing mixed things- your opinion would be really helpful thank you!
@TheHumblePenny
2 жыл бұрын
Hey Lily The answer is Yes, unfortunately. You'd have to pay that extra 3% later as it would be deemed a 2nd home. According to our understanding. Watch out for our video on Thursday where we discuss this some more.
@ellea2541
2 жыл бұрын
Loving these dilemmas! I'd buy my own place first.
@TheHumblePenny
2 жыл бұрын
Good to hear that you're loving them 😊
@Shankavellixo
2 жыл бұрын
Hi Both, this was a great video which gave me so much insight into what to do when I eventually come across this situation. The pros and cons were an eye-opener as I was slightly one sided prior to hearing your thoughts. I was also trying to download the mortgage calculator via the link but was not able to do so. Could you please check to see if this link still works? Thank you and a longtime fan from SE London :)
@nathc540
2 жыл бұрын
Earring 80K without a mortgage 😯. Everyone has different financial priorities so fair play.
@nathc540
2 жыл бұрын
Well if a actually rent for £850 is literally a bargain
@jaysterling26
2 жыл бұрын
Is the gent. paying the his maximum contributions to his work place pension & shares ISA ? I wouldn't invest in anything else before doing some , most or all of this before getting a mortgage to live in my 'own ' home. Or at least get (or do) more research ( no disrespect to Mary & Ken).
@TheHumblePenny
2 жыл бұрын
Good point, Jay. We don't have the full picture unfortunately. But your point is 100% valid.
@user-hu3sg7ew8d
2 жыл бұрын
Hi Ken and Mary, Although, this is my first time commenting I have been a silent watcher of your channel for a few months now and I have learnt so much from you guys, in this video especially, so thank you! As a 24 year old from a working class background , I am quite worried about not being able to afford to buy a house in London or even anywhere near London since I currently do not have a partner I could buy with! Since most of my friends and family are around London I would not want to have to leave London just be able to get on the property ladder. What are your thoughts on the Shared Ownership scheme, as I have heard mixed things about it? Would it be possible to do a video about this in the future? As, I was wondering whether it would be possible to buy a 2 bed flat at at 25% share and maybe get a lodger to help pay a bit of the rent, mortgage and the services charges?
@TheHumblePenny
2 жыл бұрын
Thank you for this comment. We read it with interest and will do a video as you've suggested 😀
@KraneD
2 жыл бұрын
Anthony's dilemma in simple terms is, should he invest in a rental property or should he take out a mortgage. The answer is it depends. If you have the time to manage the rental property, then it can be a great way to start another income stream while holding off owning your own home. If you don't have the time to manage the rental property, then yaking out a mortgage now is not an investment (par say) but allows you to rent from the bank at a lower rate, with the possibility of generating some returns in future when you sell.
@icedchips
2 жыл бұрын
The maths don’t work for his BTL choices he should do a hybrid of his choices buy the house for himself rent out a room and then buy a BTL for later down the line
@TheHumblePenny
2 жыл бұрын
Yup! Like this idea
@LenoreRNUK
2 жыл бұрын
To change that BTL to private is another problem it's not as good as it seems, you don't really own that BTL property. it's a trap
@AdeyemiAlabi
2 жыл бұрын
How do you mean?
@AdeyemiAlabi
2 жыл бұрын
Could you please expand on what you mean by "you don't really own that BTL property"?
@LenoreRNUK
2 жыл бұрын
@@AdeyemiAlabi when I say you don't own it I mean all you do is pay the interest on that property, and is limited to what you could do with it. You could never live in your BTL, it's against the rules it is for rental only, for you to pay it off is almost impossible, and to change it back to a residential property you have to apply for a new mortgage. So if you are not the person to save, which is very had to save in the UK, you will find yourself in a very sticky saturation. let say for example you lose your job and you could no longer pay your rent. you don't own a home, you automatically becomes homeless, mean while you are paying huge interest on a property you have no access to.
@LenoreRNUK
2 жыл бұрын
Whereas if you buy a residential property you could have lodgers and own a bit of money that way and you have more control of your property as a first time buyer
@AdeyemiAlabi
2 жыл бұрын
@Michelle But at some point you can pay off the interest/mortgage and that that point you'll own the property completely right? am i missing something? Also I didn't know you can't live in your house that you bought as BTL I need to read up on that. Is there a time limit within which you can't live in your BTL house or is that indefinite?
@amayaraymond4486
2 жыл бұрын
The dilemma series is fantastic
@TheHumblePenny
2 жыл бұрын
Thank you, Amaya 😀
@Blackfeet
Жыл бұрын
nice couple 🖤🖤
@TheHumblePenny
Жыл бұрын
Thanks 😀
@annamuja1831
2 жыл бұрын
Thank you for a great video. It was very useful.
@TheHumblePenny
2 жыл бұрын
You're welcome, Anna :)
@adamenaz1141
2 жыл бұрын
love your videos!
@TheHumblePenny
2 жыл бұрын
Cheers, Adam! 👊🏾
@adamenaz1141
2 жыл бұрын
@@TheHumblePenny keep it up, I’m a 34 year old nhs worker dreaming of early retirement !!
@farooqahmed8658
2 жыл бұрын
Anthony must be on £60k a year to get a £270k mortgage for his £300k house, in fact he has to be on more thank £60k as his affordability has to be taken into account
@TheHumblePenny
2 жыл бұрын
He's on £80k. We mentioned it in the video.
@LenoreRNUK
2 жыл бұрын
I will say buy your own home first.
@MrH0ssain
2 жыл бұрын
@thehumblepenny hi purchasing a property and the searches came up with radon gas 1-3% but it passed the environmental search should i go with it as radon is dangerous just worried as its all new to me need yr help please as its nearly completed
@santolabeauty
2 жыл бұрын
Hi there. I have been in England for about 5 years and I love property. Last year I bought my first one. I think he should buy on a residential mortgage where he lives. I think is better to have a property in Cambridge than one buy to let up north. Cambridge is more expensive than up north (I believe) and the houses will have more value in Cambridge. If he buys a house that needs some work he can always remortgage (residential mortgage still) and use the equity to buy a buy to let up north. Or he can always get a lodger and save that money to invest in a buy to let. The first £7500 are tax free.
Пікірлер: 156