next step am i dreaming

derrea

Hi
I have two properties bothytwo bedrooms one vallue 240000ish may 245000 morgae left 142000, this is rented out at £1100 permission from my bank given
I moved and rented a bigger property with my missus when we had a kid..renting a mates bigger house 1200 a month so not much loss but after 6months really dont like the area.
wondering on next step

we got married last year (big wedding) and i started an MBA at £5000 a year and since this our debt has crept up..about 28000...though no problem paying things and credit score excellent 999 at experian
I earn 42000, missus about 15, 000
part time all payslips etc available

lookin at moving out of london a bit , wondering what might be possible really dont want to sell as hoping to offset lack of pension.

looking at whether prpety in around 220000, will be in my range or am i a dreamer


also have buy to let value 280000ish with 230000 morgage steady 1300 a month

Wh05apk

Any deposit?

What is the monthly costs of the mortgages on the rented props?

Meeper

Also, with regard to selling your existing place - using a single rental property to make up for a lack of pension provision is exceedingly poor planning. A property is never a good substitute for a well-structured pension plan.

Just FYI.

shortchanged_2

Also why is your debt creeping up if you have no problem paying things?

Thrugelmir

derrea wrote: »

since this our debt has crept up..about 28000...though no problem paying things and credit score excellent 999 at experian

lookin at moving out of london a bit , wondering what might be possible really dont want to sell as hoping to offset lack of pension.

Reality check required.

You are dreaming into a potential nightmare......

Sit down and look thoroughly at your finances. Your income and outgoings. Your assets and liabilities. Take action now.

Start with the DFW (Debt Free Wannabe) board.

Are you declaring the profit on the rental property to the tax authorities?