To sell or to re-mortgage

jmcdongle

Hi there,

First time poster and hoping people can help. I currently have two buy to let properties through inheritance and I'm thinking of selling one to fund some of the deposit on my house purchase. Would I be wiser to re-mortgage and continue letting it (one has a very small mortgage less than £10k) the other does not.

Thank you in advance,

dimbo61

Do you need a home to live in ?
You will pay 3% extra stamp duty as you already own 1/2 other properties !
What is the yield from each BTL property ?
Long term plans

jmcdongle

Thank you, we currently rent another property with the lease due to expire 2 weeks after our completion date for the house I wish to purchase.
6.13% on the first
8.4% on the second

We’re don’t really have any other options to pay the higher rate of SDLT so we’re OK with that.

getmore4less

Fairly decent yields to use to borrow.

you need to juggle the numbers, bigger deposit on the new place does it get a better rate enough to cover a smaller debt at a higher rate.

if you have decent long term tenants could take a while to get them out.

watch the costs on setting up letting mortgages they can be high.