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Looking for some advice.....
traveller01_2
Posts: 4 Newbie
Hello there,
Happy New Year to you all.
I was hoping that the forums would be able to provide me with some advice. My wife and I purchased a new build two bed apartment in May 2008 for £115,000.00. We paid a deposit of £30,000.00, taking on our first mortgage of £85,000.00. We now wish to move and have seen our dream home, currently on the market for £110,000.00.
In any other market, it would be a simple case of selling up and moving on; however, house prices in our area have dropped, and I believe the realistic value of our apartment is around £100,000.00. We are reluctant to lose half of the deposit that we invested in the property, and have, therefore, been considering letting it out and moving. We live in a very popular area for rentals, and could obtain around £600 pcm in rent. We would be able to cover the rental during void periods, so there are no concerns in that respect.
I'm confused, however, as to how we could go about funding this, since we would need to take some of the equity out of our apartment in order to place a deposit on the new house. I would be grateful for any advice that you can give. Our mortgage on the apartment will expire in March.
Happy New Year to you all.
I was hoping that the forums would be able to provide me with some advice. My wife and I purchased a new build two bed apartment in May 2008 for £115,000.00. We paid a deposit of £30,000.00, taking on our first mortgage of £85,000.00. We now wish to move and have seen our dream home, currently on the market for £110,000.00.
In any other market, it would be a simple case of selling up and moving on; however, house prices in our area have dropped, and I believe the realistic value of our apartment is around £100,000.00. We are reluctant to lose half of the deposit that we invested in the property, and have, therefore, been considering letting it out and moving. We live in a very popular area for rentals, and could obtain around £600 pcm in rent. We would be able to cover the rental during void periods, so there are no concerns in that respect.
I'm confused, however, as to how we could go about funding this, since we would need to take some of the equity out of our apartment in order to place a deposit on the new house. I would be grateful for any advice that you can give. Our mortgage on the apartment will expire in March.
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