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Real dilemma - rent or buy!!!
abs0052
Posts: 1 Newbie
Hey forum folks!
Looking to get some expert advice from you all with my situation and the dilemma I’m stumbled with.
I bought a 2 bed house in 2017 in Leeds - this is where I & my wife currently live. I have a mortgage outstanding with 24 years term period. I also took the buy to help govt equity 20%. Now due to work, I have to move down south (Slough/ reading). I have a real dilemma if I should sell my current property and then buy a property down south but prices are astronomical ( approx £300k) or should I try to put my current property on rent by converting the mortgage to a buy to let (unsure how easy it’ll be) and then rent for a year or 2 and then go for buying a property or should I go for owning a second property (current affordability comes to £200k without showing any tenancy agreement for my current property). Any advice would be very much welcome guys. Thanks very much in advance.
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Comments
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Can you afford to repay the equity loan and will repaying it give you enough equity (25%) in your current home? How much can you realistically rent the property in Leeds for? Have you made a budget of the expenses and tax involved in letting the property?abs0052 said:Hey forum folks!Looking to get some expert advice from you all with my situation and the dilemma I’m stumbled with.I bought a 2 bed house in 2017 in Leeds - this is where I & my wife currently live. I have a mortgage outstanding with 24 years term period. I also took the buy to help govt equity 20%. Now due to work, I have to move down south (Slough/ reading). I have a real dilemma if I should sell my current property and then buy a property down south but prices are astronomical ( approx £300k) or should I try to put my current property on rent by converting the mortgage to a buy to let (unsure how easy it’ll be) and then rent for a year or 2 and then go for buying a property or should I go for owning a second property (current affordability comes to £200k without showing any tenancy agreement for my current property). Any advice would be very much welcome guys. Thanks very much in advance.
Have you accounted for the higher rate of SDLT you will need to pay when purchasing the "astronomical" property if you keep the Leeds property?0 -
If you don’t think you can afford to buy “down south” if you sell your current property how are you going to be able to afford to buy somewhere down south if you don’t sell the current property (thereby less deposit, probably lower affordability, higher rate of SDLT)?0
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Personally, I'd be getting another job. Why anyone would want to move from Leeds to the South is beyond me!!
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