mortgage or remortgage that is the question

naturegirl_2

I need some advice please, here goes.
I have a house with a £60,000 mortgage which I rent out as I took on a job with accommodation. Now I want to relocate should I
a) sell my house and use the money to buy in the new location
b) keep my house on and rent it out but remortgage it and use that as a deposit.
either way I'd have to get a mortgage to buy a new property. I've around 6 months before I have to move
many thanks

getmore4less

Some numbers would help

Did you do any analysis for the current situation, does it make money?

naturegirl_2

I only make around £50 a month over the mortgage fee and the letting agents fee

VIGILANT22

Do you have permission to rent this property.......

Thrugelmir

naturegirl wrote: »

I only make around £50 a month over the mortgage fee and the letting agents fee

Sell your existing property. As remortgaging seems to have little benefit. Even though interest is offsetable against rental income. On the face of it you will be subsidising the mortgage in cash terms as the increased interest charges will not be covered by the amount of cash generated, ie £50.

Better to have a lower LTV on your new home and more likely a lower interest rate.

naturegirl_2

I was only going to rent out my house for 6 months and I had got in touch with my mortgage provider however they wanted nearly £500 and at the time I couldnt afford it as I'd just spent alot of money getting the house up to scratch to rent out. Now I have made my mind up that I want to relocate but wasn't sure of what to do as selling up my only home was a big move. (I still have not told my mortgage provider) as the tenant has signed another 6 month contract. Thanks for advice now all I need to worry about is how to sell my house long distance!!

FraudBuster

(I still have not told my mortgage provider)

https://forums.moneysavingexpert.com/discussion/1310281=

housebuyer_abc

naturegirl wrote: »

(I still have not told my mortgage provider)

Disgusting - and totally immoral - also if you fail to pay your mortgage I think you might also find a fraud charge coming straight at you from the bank

new_home_owner_3

housebuyer_abc wrote: »

Disgusting - and totally immoral - also if you fail to pay your mortgage I think you might also find a fraud charge coming straight at you from the bank

I dont thinks so, get of your high horse jealousy is such a bad thing you know?

VIGILANT22

QUOTE=new_home_owner; jealousy is such a bad thing you know

Yeah but fraud you can be prosecuted for.........

new_home_owner_3

VIGILANT22 wrote: »

QUOTE=new_home_owner; jealousy is such a bad thing you know

Yeah but fraud you can be prosecuted for.........

Ive had this argument with you before, can you please show us any prosecution or a landlord who have had their house reposessed for soley not getting consent to let?