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Do I remorgage part of my rental house or fully and invest to free up some money?
We are lucky enough to have a second home that we rent out. No mortgage. £1200 amonth less fees etc. House value about £275000
Id like to fully retire (im 64) so I Im thinking of either selling the house and all the Cap gains tax. Spend some, draw down/invest the remaining OR remortgage (if I can) £100,000 to use in my retirement to sort our house out fully, renew car etc. I have a private pension around £30,000pa, wife has state pension. Little or no savings as we classed the second house as that.
Long and short Im trying to release £100,000 to enable me to stop work and sort the house out and draw some until my state pension kicks in.
£500 a month car and hp payments.
Any advise (or contact details) please.
Thanks
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Will you have any other pention income other than SP?
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