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Sell my house or keep renting it out?
Biciitalia
Posts: 38 Forumite
Hi I am currently living abroad with work for the next 18 months.
I have a house in the Uk that was being rented out up until December when the tenants moved out - however have had little interest since and even lowered the rent in line with other landlords in the region to 525 for a 3 bed detached in a nice area.
When I return to the Uk I am looking at moving house - current mortgage is at 108000 with 42000 equity. New house will cost 175-180000.
Would it be better to sell my house now and bank the equity and keep putting into savings the amount the mortgage was or keep trying to rent it out?
Any advice would be gratefully received.
I have a house in the Uk that was being rented out up until December when the tenants moved out - however have had little interest since and even lowered the rent in line with other landlords in the region to 525 for a 3 bed detached in a nice area.
When I return to the Uk I am looking at moving house - current mortgage is at 108000 with 42000 equity. New house will cost 175-180000.
Would it be better to sell my house now and bank the equity and keep putting into savings the amount the mortgage was or keep trying to rent it out?
Any advice would be gratefully received.
0
Comments
-
how are you going to fund the new house? You will need a deposit of £20k+.
Do you have a high enough income to support both mortgages and is your current property on a BTL mortgage?...depending on the answers you may well answer your own question on keeping or selling0 -
Hi and thanks for the reply.
My current house is not on a buy to let mortgage - I dont think my income would cover two mortgages so my current one will be sold to fund the next.
I am aiming to save 20-25000 and add it to the 42000 equity for my next house and hopefully keeping my same mortgage of 108000.
It just seems daft having an empty house paying a mortgage on that we will sell to move to a different location in the UK next year - not sure if house prices will rise again in Lincolnshire but already lost 27000 equity - however again not researched new area of leeds to see what the predicted trend will be there.
Many thanks again
Biciitalia0
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