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do i sell or rent?

needstoknow
needstoknow Posts: 107 Forumite
in House buying, renting & selling
I have a question which maybe someone will know the answer to, i currently party own a house 50% shared ownership with my sister, where we both live, we are now thinking of going our diffrent ways and the house i wish to buy is 125k, we have been told the house we live in is currently worth 90k. So if you were me and i was not! would you borrow 170k from the bank and rent one of the houses out or use the money as bigger deposit on your new house? I am trying to look at the bigger picture and what i can get in the long term however i dont want monthly repayments which are huge even with the rent money going towards them. (the rent should be around £350 a month)
Also as one good turn deserves another. https://www.studentfreestuff.com you may already know about it and you don't have to be a student but i love it! many thanks :j

Comments

  • lynzpower
    lynzpower Posts: 25,311 Forumite
    10,000 Posts Combo Breaker
    Do you mean you are in a joint mortgage, or a shared ownership property, Ie with a social landlord?
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • needstoknow
    needstoknow Posts: 107 Forumite
    sorry we own the house out right, we inherrited some money when our mother passed away and decided to live together
  • lynzpower
    lynzpower Posts: 25,311 Forumite
    10,000 Posts Combo Breaker
    Would you be able to get mortgage of 170k? I personally woudnt be able to...
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • needstoknow
    needstoknow Posts: 107 Forumite
    im not sure i am set to be earning 22k and my partner 16k a year, i was thinking the banks would be more inclined to lend me money as i could borrow against both houses.
  • BobProperty
    BobProperty Posts: 3,245 Forumite
    1,000 Posts Combo Breaker
    lynzpower wrote:
    Would you be able to get mortgage of 170k? I personally woudnt be able to...
    Course you could Lynz it's call self cert :D Or get an estate agent/broker to fix you up (for a small cash fee)....didn't you see the tv programme?

    OP - I can only get the scenario near to working as follows:
    Sister buys you out at £45k. She has to borrow £45k against a £90k house.
    You now have £45k deposit on £125k house so need £80k mortgage.
    You and OH earn 38k between you so £80k mortgage is possible.
    Can't believe all the mortgage brokers on this site are still at work.... ;)
    A house isn't a home without a cat.
    Those are my principles. If you don't like them, I have others.
    I have writer's block - I can't begin to tell you about it.
    You told me again you preferred handsome men but for me you would make an exception.
    It's a recession when your neighbour loses his job; it's a depression when you lose yours.
  • lynzpower
    lynzpower Posts: 25,311 Forumite
    10,000 Posts Combo Breaker
    Ah, thats right Bob!!
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • needstoknow
    needstoknow Posts: 107 Forumite
    thanks for all you help!
This discussion has been closed.
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