Keep my buy to lets or reduce my mortgage?

untie_me_please

Been fretting about what to do for a while now. Rent pays for buy to let mortgages but I am stretched to pay £800 pm on our family home mortgage - and the ISA wont cover it on maturity!
I had this crazy notion of handing the rented properties to my kids in the future but should I sell and just cut my outgoings now?
Is there a difinitive answer to my quandry?
Any advice gratefully received.

mpsavuk

Sell now and beat the rush?

Kaz2904

If you are struggling to pay your own mortgage then maybe look at selling at least 1 property.
If not feasible then look at cutting costs elsewhere. How about sticking up a SOA so people can advise where to cut back to make up the shortfall. It is starting to look more difficult to remortgage in the future and people with higher LTV will probably have to pay a higher interest rate.
People are also reporting difficulties in selling at the moment so only you know how good your chances are in your area.

Daft_Pegasus

There might be an answer to your quandry, but without giving a lot more details about your situation then you're unlikely to get the definitive answer given to you.

For example without knowing the equity in your rented house there's no way of knowing the affect that it will have on your main mortgage.

setmefree2

Hi

Your kids might be rich in the future and then you will have killed yourself for nothing Course that doesn't mean you shouldn't keep hold of them (I don't know about that) but surely you should do it because it's good for you....and then it will be good for your kids too...