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    • Jaguar Skills
    • By Jaguar Skills 13th Jan 19, 7:56 PM
    • 448Posts
    • 62Thanks
    Jaguar Skills
    BTL (sell or keep)
    • #1
    • 13th Jan 19, 7:56 PM
    BTL (sell or keep) 13th Jan 19 at 7:56 PM
    Wasnít sure if this is best here or in savings so have posted in both:

    Will try and keep this as brief as I can but hoping for some advice. I have been having a continual debate with my gf (note gf not wife yet) about the BTL we own jointly and whether to sell it or keep it.

    The value is approximately £250k and we have about £118k left on mortgage.

    £200k equity in our home value circa £450k

    Me: Soon to be an Additional Rate Tax Payer which will mean the amount I can contribute to pension will start to taper as far as I understand it.

    GF: back to working 3 days per week (our 18month old now in nursery). For 3 days per week her salary is approx £50k per annum.

    I have lost interest in the BTL a little with the hassle of chasing tenants for late rent, the maintenance etc and would prefer to sell it and use the equity towards our forever home which will cost us approx £800-900k.

    The other issue with not being married (at present) is that Iím still paying high tax on it and I canít transfer it back to her without tax penalties.

    She wants to keep it as an additional pension element for when we are older as the tenants are paying off the mortgage (we donít make much profit on it other than value increase) and if we do use some of the equity for the next house, just take some out but retain the property.

    I appreciate the above is quite long winded and I also appreciate the position we are in but any advice would be useful. If there are any other points that are needed for me to answer please just shout.

    Thanks in advance anyone.
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