Sell or Keep

paulpaulpaul

I am in a dilema and would like some advise to give me some ideas,

The story is :

Just moving to a new house £ 270,000, Paying a £ 30,000 Deposit,

£ 240,000 left to pay at 5.5 % Variable with HSBC no tie in period.

I aslo fully own my current house, Approx value £ 180,000 or rental value £ 750 to £ 800 per month,

I am a higher rate tax payer.

The reason why I took the higher rate of 5.5% is A) I couldnt decide what to do with current house and if I do sell it I can pay it all off the mortage with no penalty and I am due a cash lump sum of poss up to £ 40000 to £ 50000 which I may be able to pay off morgage,

taking all into account if I sell for £180,000 and put down another £ 40,000 later this year then I will almost be mortageless on new mortage.

What is best way from a finance point of view ?

Thanks

yoshihirouk

Frankly Paul, I don't know.

I'd simply like to compliment you on your excellent financial position and alert you that you are in a great dilemma!