Property Dilemma - please help! :)

big_leon

Dear all,
Here’s my situation:

I own a two bedroom flat in the West Midlands which I purchased for about £78,000 approximately four years ago. I’ve now been relocated up to Liverpool and am renting a property up here. The flat in the West Midlands has been switched to a West Bromwich Buy to Let mortgage with a view to having a tenant in the property as soon as possible.

However, possibly due to the renting market stagnating, there has been no interest in the property.

Prior to trying to renting out the property I had it valued and it looks as if they would be putting it on the market for around £75,000 with a view to getting around £72,000.

Basically I’m looking for some suggestions on what to do really!

Any guidance or advice that you can offer me will be gratefully received.

Many thanks,
Leon

big_leon

Minor bump :-)

beecher

Would you be able to cut the rent in order to let it?

Alternatively, sell at £72,000 - how much is your outstanding mortgage and would you have to pay an Early Repayment Charge?

big_leon

I think I'll give cutting the rent a go and see how I get on.

Regarding the remaining mortgage I believe there's approximately £68,000 left..

spuds_2

If the move to Liverpool is permanent, you may be better selling it to free up more of your income in case you want to buy up there, and to protect yourself from a further fall in prices. Alternatively, as long as you can you get enough in rent to cover the flat's mortgage and costs, you could rent it and wait for the market to recover a bit.