I had a really interesting question from a viewer on YouTube asking whether the mortgage on his home should be interest only (to help his cash flow and so he could allocate more funds to his buy to lets).
Of course, I can’t give financial advice but I can tell you of my experiences and what I’ve seen and heard.
Although it’s a great question, I wanted to widen it out because it fits neatly with another question I’m often asked, which is, “Peter, should I pay off all my buy to let mortgages, and the mortgage on my own home?”
Again, I can’t give financial advice.
And ultimately the answer will be personal to everyone, and will depend on their own aspirations and goals, their tolerance of risk, and their own financial and tax situation, to name just a few.
So, there isn’t (in my opinion), a ‘right or wrong’, ‘yes or no, binary answer.
In property there rarely is.
I wanted to give a few thoughts around some of the things you might want to think about in answering the question for yourself.
It’s quite a big subject, so the video is a little longer than usual, but I hope you get time to watch, and that you enjoy it and find it helpful, or at least thought provoking.
Here’s to Successful Property Investing.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://thepropertyteacher.co.uk
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to:
https://thepropertyteacher.co.uk/the-successful-property-investors-strategy-workshop