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financial advice
cmixer
Posts: 2 Newbie
Hi, this is my first post and am hoping someone can help me...
I currently have an 86k mortgage remaining on my one bedroom apartment which my partner and I let as a holiday letting. The letting does well and approximately generates 22k a year.
My partner and I rent a 3 bedroom house for £900 per month and the rent is due to go up again soon.
The issue I have is that we wish to join the housing market and buy a family home. What I can afford to borrow is substantially less due to the 86k remaining on my apartment. I'm unable to carry on with the holiday letting if I get a second mortgage and rightly so as it would be irresponsible lending. I don't wish to sell my apartment and am torn between staying and paying over £900 a month and being able to carry on making +20k a year in letting or getting a buy to let mortgage which would make a lot less than the holiday letting.
Any advice or ideas would be gratefully received
I currently have an 86k mortgage remaining on my one bedroom apartment which my partner and I let as a holiday letting. The letting does well and approximately generates 22k a year.
My partner and I rent a 3 bedroom house for £900 per month and the rent is due to go up again soon.
The issue I have is that we wish to join the housing market and buy a family home. What I can afford to borrow is substantially less due to the 86k remaining on my apartment. I'm unable to carry on with the holiday letting if I get a second mortgage and rightly so as it would be irresponsible lending. I don't wish to sell my apartment and am torn between staying and paying over £900 a month and being able to carry on making +20k a year in letting or getting a buy to let mortgage which would make a lot less than the holiday letting.
Any advice or ideas would be gratefully received
0
Comments
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Best option I can see for you is to swap to a but to let mortgage on the flat and buy a smaller property than you want/need and live with it for four years. In that time you can clear the buy to let mortgage on the flat and then move to the right sized property.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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