ASK284: Which of my cash-building strategies is best? PLUS: How can I take money out of my property?

It’s Tuesday and Rob & Rob are on hand to answer two more property related questions.

Kicking things off this week is Mike from Southampton, who’s relocated to Merseyside.

Over the past year during lockdown, Mike has been taking advantage of the extra time he’s had and devoured all of Property Hub’s resources. He’s now 100% sure that wants to get into investing in property.

He knows that he needs to build up a pot of cash before he can get started and he wants to know what The Robs think he should do.

Mike is currently overpaying his mortgage payments, he’s got a savings account which he keeps topped up, and he’s started investing in stocks.

So, should he focus on one more than the others or should he keep doing what he’s doing?

Our second caller this week is Elisa.

Elisa and her boyfriend bought a property in Nottingham a few years ago in cash, and it’s now increased in value over the years.

They’re looking to release equity from the house to be able to buy a second property. Now, the most obvious solution is to re-mortgage the property. However, there’s a slight issue.

Both Elisa and her boyfriend have low credit scores and will need to find a specialist lender or provider, which could be a bit more expensive.

Are there any other options that Rob & Rob could suggest Elisa tries instead in her situation?

Tune in to find out.

 

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