Divorce Advice - New Mortgage, Save or invest?

moneysavinggirl2010

Hi all

I would be very grateful for any advice/thoughts/recommendations on the following.

I am unfortunately in the process of getting a divorce. My husband and I have 4 properties - 2 of which we are now living in separately as our PPR's and 2 of which are rented.

The 2 rental properties and the property my husband now lives in are all within 1 Buy to let mortgage portfolio with The Mortgage Works.

The options I am looking at, in addition to keeping my PPR, are either to:
a) keep one of the rental properties myself or
b) my husband to effectively buy me out - giving me the difference in the values of all 4 properties. (We are in the process of arranging for them to be valued but this is likley to be approx £60k)

With option a)
I would need to remortgage to transfer the property out of the existing portfolio - so a new Buy to let mortgage would be required.

With option b)
I would either re-invest in an alternative buy to let / holiday investment property - thus again a new buy to let mortgage
or
I could invest the money elsewhere - as recommended by yourselves - perhaps to re-invest in property at a later date when the market is more favourable?

The current rental property under consideration:
Rental = £550/month
Value - approx £160K
Current Mortgage - £91,490 - 2.45% variable interest only -
£186 /month.

I am leaning towards getting the cash to reinvest - as I would probably like to invest in another holiday rental (the property my husband now lives in was originally a seaside 2nd home which we rented to family/friends in holidays too - and I miss it)! But I am concious that the market for both property and mortages is not the best at present. However I also dont want to miss out on any leveraging of the current rental property - either by selling it now or later to re-invest; or to retain and remortgage at a sometime in order to purchase an additional property.

Many thanks for your help.