25% deposit. Worth renting in an area of London you love and buying a buy to rent in a cheaper area?
My boyfriend and I need to decide how to spend our deposit. We currently rent in Brockley (South East London) but plan to move out of London in the next 5-6 years. We have recently been thinking it's better financially to buy a 2 bed buy-to-let in Shadwell for c. £245K for which we could charge at least £1300 pcm (our mortgage would only be £800 pcm) then sell that in five years and move out of London rather than buy a 2 bed for c. £325K in Brockley which we would sell in five years. Any thoughts massively appreciated.
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