Advice needed please

Sibella

We bought a new house in November 2007 for £355 000, we have a 75% mortgage - if we changed our mortgage now we would pay a fee of around £1800. It expires in November 2009.

Our issue at the moment is that we might be moving overseas in the next year or two. What would be the best thing to do:

1. Try to sell the house at a loss now (the stamp duty alone was £10 000), rent somewhere for less and try to save money every month.

2. Sell our other property in South Africa, put the money into this mortgage to get it to 60% so we can remortgage and then reduce our monthly amount but then be able to make overpayments. We could then keep this one when we move and rent it out until the marketi improves?

We are not in a great hurry but definitely will move within 2 years time. We need to be very careful with our next move as we are not that young anymore (okay late thirties) but this is our and our 2 small children's future we are playing with - so need to do the right thing.


Thanks very much!!!

Robert_Sterling_3

You will not know in advance what the right thing to do is.

beecher

I'd put it up for sale and see what you get - could be it takes til November to go anyway. Then decide whether you want to rent for a while or move abroad. Selling now gives you the freedom to make the choice when you want it rather than making the decision to move and having to wait for a sale which might take months.