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Can't sell - should I buy to let
billythehamster
Posts: 3 Newbie
Hi All
I was wondering if anyone could offer me some advise. I have a house which due to the current conditions will be difficult to sell. I have found a property which is our dream home in a dream location.
I have plenty of equity in my current house. Around £65000, valuation done last Monday. I plan to take out £15,000 and put it as a deposit on our dream house. I can cover the mortagage just on my salary on the dream house, around 3.5 times my salary. My wife is a full time mum and if needed could go to work again. I am then going to shift our current mortgage onto a buy to let.
I have had an offer accepted on the dream house, £15,000 off the asking price which I am very pleased about. I have two offers of mortgages subject to valuations. I see the exisiting house as an investment for my two children and as part of my pension.
I suppose I am asking what would you do in my situtation given the current market? The rental would be around £575 and the mortgage around £480. I don't want to miss out on this house but at the same time I am concerned about overstretching myself.
I was wondering if anyone could offer me some advise. I have a house which due to the current conditions will be difficult to sell. I have found a property which is our dream home in a dream location.
I have plenty of equity in my current house. Around £65000, valuation done last Monday. I plan to take out £15,000 and put it as a deposit on our dream house. I can cover the mortagage just on my salary on the dream house, around 3.5 times my salary. My wife is a full time mum and if needed could go to work again. I am then going to shift our current mortgage onto a buy to let.
I have had an offer accepted on the dream house, £15,000 off the asking price which I am very pleased about. I have two offers of mortgages subject to valuations. I see the exisiting house as an investment for my two children and as part of my pension.
I suppose I am asking what would you do in my situtation given the current market? The rental would be around £575 and the mortgage around £480. I don't want to miss out on this house but at the same time I am concerned about overstretching myself.
0
Comments
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If I was you i'd sell.. much better places to invest money right now than property
ps. you need permission to put a link in your signature.0
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