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Renting property but want to sell it
Comments
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Why not use the rental income to reset your mortgage, i.e. 80% on the rented out property and a smaller mortgage on the one you want to buy; this would off set the tax bill
Or; for personal sercurity; keep it all to yourself; you never know
Really look into this, what is the current rent that you are charing? (Have you ever put it up and is it at market rate?) Having a tenant that is very unlikley to move puts you in a very good position too keep doing the same.0 -
How much rent does your tenant pay? Do some sums and see if you can borrow £90k for your new plans and fund it out of rent received from the old house. It would be silly to kick out a long term tenant to raise £90k in an uncertain market when you could borrow the money (secured on the old or new house) for around £200-250 a month in interest.
Of course you should plan carefully allowing for voids, increase in interest rates etc, but on the face of it this is an option you should seriously be looking at.Signature on holiday for two weeks0
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