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Help - Financial advise on Mortgages
grozz
Posts: 16 Forumite
The Situation.....
I currently own a house in the Lake District and have just started a new job on the south coast. I am now renting a place with my girlfriend and have my house on the market to sell with the view to buying somewhere together. If the house sells for the asking price, I would have made sufficient to put down as a deposit on a place down south.
My problem is though that I have only had 3 people in to view in 4 months, and no-one since October. I have reduced the price but still no viewings... so my questions.... Should I
1) Keep holding on until I sell the property to release the equity (I have already dropped the mortgage to an interest only). The montly outgoings wont make be broke quite yet,
2) Re-Mortgage the property up north in the hope I can get someone in to rent it. The rental income would be slightly less than the mortgage re-payments so I could pay the difference as a pension. Would I need a buy to let mortgage? I dont know much about going down this route.
Any advise would be greatly appreciated as I am kinda stuck with to do at the moment.
Cheers,
Grozz
I currently own a house in the Lake District and have just started a new job on the south coast. I am now renting a place with my girlfriend and have my house on the market to sell with the view to buying somewhere together. If the house sells for the asking price, I would have made sufficient to put down as a deposit on a place down south.
My problem is though that I have only had 3 people in to view in 4 months, and no-one since October. I have reduced the price but still no viewings... so my questions.... Should I
1) Keep holding on until I sell the property to release the equity (I have already dropped the mortgage to an interest only). The montly outgoings wont make be broke quite yet,
2) Re-Mortgage the property up north in the hope I can get someone in to rent it. The rental income would be slightly less than the mortgage re-payments so I could pay the difference as a pension. Would I need a buy to let mortgage? I dont know much about going down this route.
Any advise would be greatly appreciated as I am kinda stuck with to do at the moment.
Cheers,
Grozz
0
Comments
-
You might want to go to the other board dealing with sales and house purchases.
Tell us there about your property, your estate agents, etc. maybe we can then help you.0
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