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I may be clutching at straws here but here is a question.
Can I redraw the money available in the loan in order to improve the situation ? Does it help if we do this while I am still living in the house as my PPOR. ?
Does the structure of the loan matter when doing this ? In my case, I have the loan split three ways. Two of these are (worth 150K) are not drawn down.
Thanks in advance.
M
Thanks all for your input. I went back to the accountant and it seems we had both misunderstood each other. I am glad I asked here and that prompted me to go back.
His suggestion now is along the lines of Terry's – i.e Transfer 50% to spouse – although this is going to be tricky as my wife has no income, which means that I will need to guarantee that portion of the loan as well.
I do concur that all options lead to very different outcomes, and therefore keen to get advice on the right outcome. Jamie, I might give Terry a call as you suggest – and may need a good mortgage broker as well to setup the right structure.
Regards,
M.
Thanks for all the comments. Yes this is a pre depn picture – one of the takeaways from the book being that if the deal becomes cf+ve after depn, then it's not really cf+
I guess the point I am making is that for the deal to be truly cash flow positive, this studio appt would have to rent for 300 and cost 175k. While that would be great, in the current market that is just wishful thinking.
Does that mean I wait until such a truly rare deal appears or is it better to be in with a marginally +ve deal, and hope for capital appreciation and inflation to kick in at some point.
(And yes xdrew, if I was going to do that, I should probably avoid a studio appt – the driver here was to look for a truly cf +ve deal, which this is not)
