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Rent or Sell

imfedup
imfedup Posts: 225 Forumite
in House buying, renting & selling
My partner and I have our own houses and we have now talked about moving in together. His house is worth slightly more than mine and slightly bigger so we have decided that we will move into his house, until the market picks up again then we will sell his house and buy one between us.

With the present climate we are unsure what to do with my property. Is it worth selling and putting the equity (about £30k) into a high interest ISA then when we buy "our" house the money from the sale of both the houses can be used as a deposit or should we rent mine out to pay the mortgage for a few years till the house prices pick up again then sell both houses as planned.

He is going to put me on the mortgage at his property as I will be contributing so i am not worried about not having a back up plan, we just cant agree on best course of action with regards my house.

Any ideas:confused:

Comments

  • domcastro
    domcastro Posts: 643 Forumite
    You probably wouldn't have 30k equity after selling at the moment. I'd ask my mortgage company if I could have a "consent to lease" therefore staying on residential rates. I wouldn't go on to the mortgage of his property or you'd have to get a BTL mortgage for yours.

    Rent out yours, move in with him, and make decisions when the economy is rosier
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