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Moving up the laddder (x2?). currently debt free...
shangrula
Posts: 3 Newbie
Ok, first, don't hate me!
I own a property, no mortgage, with my brother. 50/50 split purchase.
It's on the market, has been for a few weeks but only had two viewings. It's on slightly above the current rate, but it's a nice place and we're not too rushed to sell it.
I currently earn £24,000, my brother is about £35,000. We're both in steady employment - whatever that means
I'm considering my options:
1) Sell, release equity and buy a place on my own, to nearly my maximum borrowing amount.
2) Keep, don't sell and wait for the market to catch up
3) Do a Let to Buy on it, keep the place while releasing the equity to ensure my brother and I can split with half the money and go buy somewhere else - on another mortgage (1.5 mortgages - does this reduce my borrowing allowances?)
4) buy the other half from my brother & consider my options when the market picks up in a few years.
5) wait, sell when it's the right time, for the right amount and buy somewhere else on the cheap.
I've got a flat on the market for OIXO £135k, I am looking at houses for OIRO £180k.
The driving factor is it hasn't been easy with a part ownership and I think my bro just wants his money back. but he's not prepared to loose out, which if we do now we will. If we sell now, it'll be about £10k loss (we only bought it 18 months ago and have since reburbished it).
If we keep we have to consider if it's worth keeping, mortgaging it and renting it to ensure the rent covers the mortgage. But then what do we do if the market picks up? Can we sell after the first deal we take out expires? then I'd assume the money/debt is split into our other properties? (if so, is there peanilty for this?)
I'm going to see another FA tonight, but they always make me think everything is possible.
I know i'm in a good position, even better would've been to be a cash buyer right now, I think things will pick up in my area (central bristol). I want to 'take advantage' of the dip in prices.
Perhaps I'm just stupid. I hate the whole concept sometimes
I own a property, no mortgage, with my brother. 50/50 split purchase.
It's on the market, has been for a few weeks but only had two viewings. It's on slightly above the current rate, but it's a nice place and we're not too rushed to sell it.
I currently earn £24,000, my brother is about £35,000. We're both in steady employment - whatever that means
I'm considering my options:
1) Sell, release equity and buy a place on my own, to nearly my maximum borrowing amount.
2) Keep, don't sell and wait for the market to catch up
3) Do a Let to Buy on it, keep the place while releasing the equity to ensure my brother and I can split with half the money and go buy somewhere else - on another mortgage (1.5 mortgages - does this reduce my borrowing allowances?)
4) buy the other half from my brother & consider my options when the market picks up in a few years.
5) wait, sell when it's the right time, for the right amount and buy somewhere else on the cheap.
I've got a flat on the market for OIXO £135k, I am looking at houses for OIRO £180k.
The driving factor is it hasn't been easy with a part ownership and I think my bro just wants his money back. but he's not prepared to loose out, which if we do now we will. If we sell now, it'll be about £10k loss (we only bought it 18 months ago and have since reburbished it).
If we keep we have to consider if it's worth keeping, mortgaging it and renting it to ensure the rent covers the mortgage. But then what do we do if the market picks up? Can we sell after the first deal we take out expires? then I'd assume the money/debt is split into our other properties? (if so, is there peanilty for this?)
I'm going to see another FA tonight, but they always make me think everything is possible.
I know i'm in a good position, even better would've been to be a cash buyer right now, I think things will pick up in my area (central bristol). I want to 'take advantage' of the dip in prices.
Perhaps I'm just stupid. I hate the whole concept sometimes
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