London Calling
I have nowhere else to post this in case it doesn't happen but I own a flat (bought with inheritance from Aunty) and a house (inherited from my Dad) and the flat's mortgage is coming up for renewal.
If I remortgage the flat on a BTL mortgage, I can release £52,000. And if I mortgage the house on a BTL mortgage, I can release £135,000.
I could release £187,000 and actually move to London.
The flat could rent at £1,100 and the house could rent for £1,000. I don't know whether to calculate tax from the rent or from the money I'd actually receive after my costs..., but I could get either £1194 or £770 a month in rent for both properties (depending on how I calculate tax).
So basically, I need to talk to a mortgage and a tax advisor and see how much I could actually borrow and how much I need to pay in stamp duty and how much I need to earn and how much tax I'll need to pay....











