Impartial Financial (property related) advice

Cintrapark

I moved abroad around 4.5 years ago and have just bought an apartment off plan. In order to do so, I extended my mortgage in London so that it is roughly 52% of the apartment's current value. I have taken a 25 year mortgage and the rental income is just about paying the monthly instalments. The mortgage is fairly large. I'm 38 years old.

The apartment abroad will be ready in around two years time and the mortgage will be around 44% of the total value.

Whilst I earn OK, I'm never going to be a high earner. Right now my apartment in the UK is in good condition, however, I'm not sure if I'd have the money to pay for extensive refurbs in let's say 10 years or so. In addition, I have just read that the government plans to introduce capital gains tax for expat sellers from April 2015 (this will be 28% tax for any gain achieved after April 2015 up to the date of sale).

I'm now wondering what to do. Should I carry on renting out the apartment, or should I simply sell it and live mortgage free in my current location. People tell me that I'd be crazy to sell an apartment in London and that I should keep it going for as long as possible.

Would appreciate any advice!

Thanks