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New mortage -should i sell or rent my existing flat?
petelondon
Posts: 53 Forumite
Wondering if you could impart some advice on which way to jump.
I own a 1-bedroom flat in a goodish location in West London.
Bought for £120,000 now worth £150,000 - £160,000. The mortgage has been paid off.
I would like to upgrade to a 2 bedroom house for about £250,000.
My question is should I just sell the flat now and put the proceeds towards the price of a new place thereby having a smaller mortgage, or
should I rent out my flat( I can get about £750 per month) and use that to pay most of the monthly mortgage off on the house and maybe sell when the market has picked up?
A flat in my block did sell recently for £150K and it is in a great location for travel to central London so think I could rent it fairly easily.
Not really sure which way to jump to be honest.
Any advice gratefully received.
I own a 1-bedroom flat in a goodish location in West London.
Bought for £120,000 now worth £150,000 - £160,000. The mortgage has been paid off.
I would like to upgrade to a 2 bedroom house for about £250,000.
My question is should I just sell the flat now and put the proceeds towards the price of a new place thereby having a smaller mortgage, or
should I rent out my flat( I can get about £750 per month) and use that to pay most of the monthly mortgage off on the house and maybe sell when the market has picked up?
A flat in my block did sell recently for £150K and it is in a great location for travel to central London so think I could rent it fairly easily.
Not really sure which way to jump to be honest.
Any advice gratefully received.
0
Comments
-
Poke about on this site and you'll see quite quickly that being a landlord is not all plain sailing. Being in need of your rental income to pay a new mortgage is all fun and games until you have void periods, non-paying tenants harder to shift than a case of boils, a substantial increase in interest rates, unemployment or a combination thereof.
In your position I'd sit tight, mortgage free0 -
Bump
Sorry for the bump but am really racking my brains and calculator on this one.0
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