ASK389: Should I get a repayment mortgage? PLUS: Are purchase lease options a good idea?

The Property Podcast

Rob Bence & Rob Dix

Business News, News, Business, Education, Investing

4.8 • 2K Ratings

🗓️ 18 July 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s time for some more listener questions: (0:38) Tom is looking to build passive income with a portfolio of buy-to-lets. He currently owns a 1-bed in Bath city centre, and he’s got 70k to invest; should he get another 1-bed studio flat in Bath with a repayment mortgage, or should he get an interest-only mortgage so that he can save for a third property quicker? (3.52) Billy’s property mentor has recently discussed the idea of purchase lease options - this isn’t something he’d previously thought of, so he’s come to Rob & Rob to get their thoughts. Enjoy the show? Leave us a review on Apple Podcasts - it really helps others find us! Sign up for our free weekly newsletter, Property Pulse Send us your question by calling us on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply) or click here to leave a recording via your computer instead. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hi, I'm Rob.
0:03.0	And I'm Rob.
0:04.0	And this is Ask Rob and Rob.
0:06.0	Hello everyone and welcome to Ask Rob and Rob.
0:09.8	The show where you get your questions in and we give you answers and we try and make
0:15.5	them good answers as well.
0:16.8	And you know what, we've got some great questions coming up, so we'll do our very best
0:20.0	to deliver.
0:21.0	But before we do, let's give you a quick reminder of how you can get your questions
0:25.1	in on the show.
0:26.1	Yep, if you don't know this by now, then you might be new, so that's fine.
0:29.3	It's just a case of calling 013 808 AAA 35 or going to PropertyHub.net slash Ask.
0:35.7	And that will allow you to follow in the fine footsteps of Tom.
0:39.0	Hi Rob and Rob.
0:40.2	My partner and I plan to buy a series of small properties so that we can let them out
0:45.5	in the future and generate a passive income for both of us.
0:49.2	We're letting out a one bedroom flat in Bath City Centre that we own without a mortgage.
0:54.6	This is our only property.
0:56.4	So we've got 70,000 in the bank that we're ready to invest in a new property.
1:01.3	So we want to see, should we purchase another one bedroom studio flat in the city centre
1:06.3	of Bath with a repayment mortgage, would you suggest going for an interest-only mortgage?
1:12.3	So then we can use additional funds to acquire a third property more quickly in the future.
	...

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