Interest Only vs Repayment Mortgages
Repayment mortgage, or interest-only mortgage? That's the question everyone has to consider when it comes to buying a property. The route you choose will depend on the strategy you're following. In this week's show, Simon talks you through the benefits of each, and discusses which strategies work best with both. KEY TAKEAWAYS The mortgage on your own home needs to be paid off by the time you retire. This is because when you retire, your lender will assume that your income will significantly drop. The equity in your own home is the means by which many start their investment journey. Many do not have savings, but they have grown equity over time. Always seek advice from an independent and unbiased advisor or broker, who has access to the full market, and who can help you to understand your best route. If you intend to refinance as the value goes up, ti may make much more sense to go the interest-only route, as it makes far more financial sense BEST MOMENTS 'You need to treat your own home differently from any of your investment properties' 'Try and make your fortune and retire early to enjoy the rest of your life while you're still young enough and fit enough to actually enjoy your retirement' 'Over time values go up!' 'Hopefully one day, the income you get from your property is more than the income you get from your job' VALUABLE RESOURCES To access more free Creative Finance Strategies visit www.creativefinancetraining.co.uk Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). iphone: http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 Register at Mindset For Property at - www.mindsetforproperty.co.uk ABOUT THE HOST Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003www.pinmeeting.co.uk. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way. How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals. CONTACT METHOD Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/