Do I Rent or Sell My Home and Become Mortgage Free??

sun8eam

Hi,

Just wandered if anyone might be able to advise, I am just having a dilemma on what to do next, whether to rent or sell my property.

I currently have 2 mortgages on 2 different houses.

The mortage on one of them is quite low (owe £40K approx) with about 12 years left to go. The approximate value is around the £200K mark.

If I sell this house, I should be able to pay off the mortgage on my other property where I owe substanstially more, which would make me mortgage free!!

I can see that house prices are on the increase at the moment, so I am thinking that maybe this could be a good time to sell. Or should I just rent it out for the foreseeable future? I have been a landlord previously and I am in my late forties.

So I keep asking myself do I want to be a landlord again (and all that comes with it) or should I just sell the house and live a contented life with no more mortgage to worry about?


Thanks in advance for any helpful advice given.

sun8eam.

Cisco001

Do you see yourself in any difficulty in mortgage payment for both? If no, IMO, I would keep it rent that out instead of selling it.

I would see your second property could be extra income for your retirement life as I don't know if you have a good pension/ investment.

Are you good at investment? If you sell it, what are you going to do with the spare cash apart from paying off mortgage of your own place?

sun8eam

Thanks for your thoughts on this Cisco001, much appreciated.

Yes I have thought a lot about my future and the benefits of renting the house out again (passive income etc). If I was to sell it, any spare cash would be invested in stocks & shares and adding to my pension.

The property that I intend keeping is on an interest only mortgage with £140K owing.

I am just thinking about when interest rates start to increase in say. 18 months time and how I will be able to manage both mortgages as they are currently on base rate tracker so very low repayments at the moment.

I suppose I am looking for any easy life with no hastles from tenants etc.

sun8eam