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Buy or Wait?
Lisa1978
Posts: 317 Forumite
Hi all...
We have been advised by husbands mother that we have been left an investment of £23k.
In a nutshell we have 2 properties.. 1 i let out (and wish to keep as is a great investment) and the one we live in which we need to sell as i do not wish to let out and am guessing will be very difficult in this climate to sell. The problem is we paid £125k for apartment, one above us up for sale and not budging at £100k and our mortgage is for £110k. I'm thinking if we sell for even £95k and take a hit on the mortgage for the £15k or is this silly? The main reasons for moving are we live in an apartment and married last yr, therefore babies planned for the forthcoming few years and need somewhere bigger.
Therefore.. where does that put us? Guessing :
1) Sit back for a year and overpay mortgage repayments to reduce mortgage and hope house prices go up a little
2) Can we move and put the 'loss' from the apartment onto the new property mortgage or would this reduce the amount of deposit we have, ie not £23 but rather £8k?
Guess the qus is do we wait or move now whilst house prices are low?
Thanks,
We have been advised by husbands mother that we have been left an investment of £23k.
In a nutshell we have 2 properties.. 1 i let out (and wish to keep as is a great investment) and the one we live in which we need to sell as i do not wish to let out and am guessing will be very difficult in this climate to sell. The problem is we paid £125k for apartment, one above us up for sale and not budging at £100k and our mortgage is for £110k. I'm thinking if we sell for even £95k and take a hit on the mortgage for the £15k or is this silly? The main reasons for moving are we live in an apartment and married last yr, therefore babies planned for the forthcoming few years and need somewhere bigger.
Therefore.. where does that put us? Guessing :
1) Sit back for a year and overpay mortgage repayments to reduce mortgage and hope house prices go up a little
2) Can we move and put the 'loss' from the apartment onto the new property mortgage or would this reduce the amount of deposit we have, ie not £23 but rather £8k?
Guess the qus is do we wait or move now whilst house prices are low?
Thanks,
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