we are thinking of buying BTL flat in London. cost 190000, deposit 25% . interest only £700 ta month. Rent 900. yearly profit, provided rented out every month is £700? this cannot be right? At the moment we have offset saving - which lowers are interest rate on our residential mortgage ( because of offset savings we pay 116 less every month - £3.53% of the whole offset amount). I thought to take out offset savings and invest into BTL, but now can see that BTL will give me just £700 profit a year, plus maintenance cost etc... am I right?
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