Save up for deposit or release equity?Make Text Bigger
I currently own 2 buy to let properties in South Wales, I have had one for coming up to 4 years now, and the other for just about a year.
I want to buy a 3rd property as the renting market down here is brilliant and house prices are cheap compared to the rest of the country.
Both my properties easily cover the mortgages.
My question is; do I save up until I have another 25% deposit so have less risk or take out equity on one of my others and use that as my next deposit?
Even if I do take out equity I would still cover my mortgages but have a bit less profit, I would just be upping my risk slightly with 3 rentals and a higher total mortgage cost.
If all 3 are rented I would be in good profit, just wanted to ask others to see if I should up my risk. More risk more reward as they say!
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