2 houses,sell,or keep only one?

Spicspec

My husband and I have 2 houses,we have been living in both houses with our 6 children,some have now moved out,others are still living with us.One of the houses has come to an end mortgage-wise,it was interest free and we had a massive shortfall.The other house has 65000 repayment (which is up to date)and a few years left to pay.We are too old to remortgage (early 60's) and still working.The bank now needs the outstanding balance 200,000 it seems the only way would be squeeze into one house and sell the other.Any information to deal with this situation would be appreciated,the second house needs attention,although its been valued about 400,000 lower than it could be worth if eventually if it was to be fixed up

Mark_d

You have one house mortgage-free, as the mortgage has ended?  Your other house has a repayment mortgage with £65k outstanding? Where does the £200k debt come from?

It sounds extremely extravagant to have two houses for your family.  Now even more so given that some children have left home.  Two council tax bills, two electricity bills...

I think you should review you housing and your finances.  I suspect the sensible thing would be to sell both properties and buy something more suitable for your current needs

housebuyer143

Mark_d said:

You have one house mortgage-free, as the mortgage has ended?  Your other house has a repayment mortgage with £65k outstanding? Where does the £200k debt come from?

It sounds extremely extravagant to have two houses for your family.  Now even more so given that some children have left home.  Two council tax bills, two electricity bills...

I think you should review you housing and your finances.  I suspect the sensible thing would be to sell both properties and buy something more suitable for your current needs

One house is on interest only and they owe £200k. No houses are mortgage free. They need to repay the £200k ASAP. 

I suppose you decide which you want to live in and sell the other. 

Mark_d

housebuyer143 said:

Mark_d said:

You have one house mortgage-free, as the mortgage has ended?  Your other house has a repayment mortgage with £65k outstanding? Where does the £200k debt come from?

It sounds extremely extravagant to have two houses for your family.  Now even more so given that some children have left home.  Two council tax bills, two electricity bills...

I think you should review you housing and your finances.  I suspect the sensible thing would be to sell both properties and buy something more suitable for your current needs

One house is on interest only and they owe £200k. No houses are mortgage free. They need to repay the £200k ASAP. 

I suppose you decide which you want to live in and sell the other. 

In that case you should sell the one where you owe £200k.  This house would be repossessed if you don't repay the debt in an acceptable timeframe.

Keep_pedalling

Which one is your primary residence? If you sell th3 other one you will likely have a CGT liability.