Rented Property.......to sell or not?

joeblack066

I have a mortgaged property that is currently worth £160,000
The Mortgage on it is £144,000
The early redemption fee is £ 2,500
There is a charge on the property of £ 1,500
The conveyencing fees would be approx £ 500

This would leave £11,500. I have debts of £6193 plus a settlement figure of £5000 on an HP car. These debts are giving me nightmares, as I can not afford to pay them, as my income is much lower than this time last year. Although the house was supposed to give me security in my old age, lol, I feel that I might be best to cut my losses and sell it.

I don't live in the house, it is leased out with a guaranteed rent. It would sell very easily privately with no agent fees.

What do you think?

Debs.

clutton_2

why not increase the rent on it ?

Alan_M_2

I think you've answered your own question.

Sell, clear your debts, have an easy life, start again when finances allow.

You never know, you could get more than £160K for it.

joeblack066

Property is on a set rent for another 2.5 yrs, already a shortfall on the mortgaged amount.

Yes, Alan, I think you're right! Thx, as a singleton I think I just needed to hear it from someone else, lol!

Debs.