Hi all,
Just had an idea I wanted to run by the vets to see if this was fesible.
I am relatively young and entering a career where it would not be unrealistic to try and save £6,000 a year. I had an initial idea of trying to save this and every 5 years put the £30,000 towards a new house/apartment. £30,000 would be a 20% deposit on a £175,000 apartment and as house prices are cheap in my area this I would find available properties. I would want to continue to do so every 5 years and so by the end of my career have 4-6 properties that would act as a second pension so to speak with the rental income.
My question is would I even be able to get a new mortgage every 5 years to do this? If not could I simply add a new loan so to speak to my existing mortgage every 5 years to purchase a house each time?
Your input would be appreciated,
Thanks,
Tommy.
Just had an idea I wanted to run by the vets to see if this was fesible.
I am relatively young and entering a career where it would not be unrealistic to try and save £6,000 a year. I had an initial idea of trying to save this and every 5 years put the £30,000 towards a new house/apartment. £30,000 would be a 20% deposit on a £175,000 apartment and as house prices are cheap in my area this I would find available properties. I would want to continue to do so every 5 years and so by the end of my career have 4-6 properties that would act as a second pension so to speak with the rental income.
My question is would I even be able to get a new mortgage every 5 years to do this? If not could I simply add a new loan so to speak to my existing mortgage every 5 years to purchase a house each time?
Your input would be appreciated,
Thanks,
Tommy.