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Help! Rent out my house or sell it??
adam14675
Posts: 16 Forumite
Hi,
My wife and I have recently moved out of our home for jobs elsewhere in the country. We plan to buy a house in our new location when we've got to know the area and are renting for the next 6 months or so.
We're unsure whether to sell or rent out our old house.
There's a little over £100k equity in the house and I reckon we'd need to borrow back upto £50k of that in order to relase funds for the new place (ie to get a decent loan to value rate on the new purchase).
Providing the rent from tenants minus tax covers the mortgage on the original property, does anyone know if the mortgage against that property will hamper how much we can borrow against our salaries on a separate mortgage for a new property?
Any thoughts, anyone?
My wife and I have recently moved out of our home for jobs elsewhere in the country. We plan to buy a house in our new location when we've got to know the area and are renting for the next 6 months or so.
We're unsure whether to sell or rent out our old house.
There's a little over £100k equity in the house and I reckon we'd need to borrow back upto £50k of that in order to relase funds for the new place (ie to get a decent loan to value rate on the new purchase).
Providing the rent from tenants minus tax covers the mortgage on the original property, does anyone know if the mortgage against that property will hamper how much we can borrow against our salaries on a separate mortgage for a new property?
Any thoughts, anyone?
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