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Rent or Sell???
stueee
Posts: 5 Forumite
Hi, We are looking to move house and I am hoping you guys can give me some advice.
My house is valued at around 100k and my mortgage which has 15years left is for 50K. I am looking at properties around 180k and I am considering 2 options;
1. Rent out my existing house.The current rental income is around £350 to £400 for similar properties in this area, this would easily cover the mortgage payment. I would keep the house for around 15 years than sell it and use the money to pay off most of the new mortgage. Would an interest only morgage be suitable for the new mortgage?
2. Simply sell of my existing house and put the 50k equity towards the new mortgage.
Which would be the best option and what kind of product would suit me the best. I am however open to other suggestions, my main aim is to pay off the mortage as quickly and cheaply as possible, I retire in 22years and want rid of it by then.
Many thanks.
My house is valued at around 100k and my mortgage which has 15years left is for 50K. I am looking at properties around 180k and I am considering 2 options;
1. Rent out my existing house.The current rental income is around £350 to £400 for similar properties in this area, this would easily cover the mortgage payment. I would keep the house for around 15 years than sell it and use the money to pay off most of the new mortgage. Would an interest only morgage be suitable for the new mortgage?
2. Simply sell of my existing house and put the 50k equity towards the new mortgage.
Which would be the best option and what kind of product would suit me the best. I am however open to other suggestions, my main aim is to pay off the mortage as quickly and cheaply as possible, I retire in 22years and want rid of it by then.
Many thanks.
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