We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Sell or rent?
claireybee
Posts: 17 Forumite
Hi,
I apologise if the details I give are a bit vague, it's all hypothetical speculation at the moment! My partner has a flat that he has owned for five years, he bought it for 80k. His ltv was 90% so took out a 72k mortgage. It is very likely that the flat is now in negative equity, although not dramatically so.
My question is this. We would like to buy a house together as the flat is too small for us and our fifteen month old son. We have 15k saved for a deposit and are on a combined income of £48500 before tax. Should we aim to get consent to let from the current mortgage provider and keep the flat, renting it out to my brother who would cover the cost of the mortgage and council tax/bills and try to buy a house in addition to this. Or should we aim to improve the cosmetic features of the flat and sell it for the best price we can get before looking for our next house? Would a mortgage company even consider giving us a mortgage on a house whilst he currently still has a mortgage on the flat?
Thanks in advance.
Claire.
I apologise if the details I give are a bit vague, it's all hypothetical speculation at the moment! My partner has a flat that he has owned for five years, he bought it for 80k. His ltv was 90% so took out a 72k mortgage. It is very likely that the flat is now in negative equity, although not dramatically so.
My question is this. We would like to buy a house together as the flat is too small for us and our fifteen month old son. We have 15k saved for a deposit and are on a combined income of £48500 before tax. Should we aim to get consent to let from the current mortgage provider and keep the flat, renting it out to my brother who would cover the cost of the mortgage and council tax/bills and try to buy a house in addition to this. Or should we aim to improve the cosmetic features of the flat and sell it for the best price we can get before looking for our next house? Would a mortgage company even consider giving us a mortgage on a house whilst he currently still has a mortgage on the flat?
Thanks in advance.
Claire.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards