{"id":123084,"date":"2021-11-08T14:03:54","date_gmt":"2021-11-08T07:03:54","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-we-sell-both-our-properties-and-buy-one-mortgage-free\/"},"modified":"2021-11-08T15:16:05","modified_gmt":"2021-11-08T08:16:05","slug":"should-we-sell-both-our-properties-and-buy-one-mortgage-free","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-we-sell-both-our-properties-and-buy-one-mortgage-free\/","title":{"rendered":"Should we sell both our properties and buy one mortgage free?"},"content":{"rendered":"


\nWe own our current home and a rental property, and are thinking of selling them bothQ My wife and I (both mid-40s with two primary school aged kids) currently own a home in south-east London which is valued at about \u00a3575,000 and has a \u00a3250,000 mortgage on it. We also still own and rent out our previous home which has a \u00a3100,000 buy-to-let interest-only mortgage and gives us an annual rental income of \u00a318,500. I\u2019d estimate that the rental property is worth somewhere between \u00a3475,000 and \u00a3550,000. Its value is a little vague as very few similar properties have sold since we bought it off plan in 2003 so we have nothing to compare it with. However, it\u2019s in a prime location popular with buy-to-let investors. My wife is very keen to sell up both properties and buy something mortgage free. Her job is very stressful and from time to time she dreams of packing it all in and becoming an artist. This would probably mean moving far from our current area, which I really don\u2019t want to do. However, I think the rental income, plus our equity, means we should either remortgage both to the max and buy something bigger, or else increase our BTL mortgage and pay off our home mortgage for lower monthly repayments.We\u2019ve worked hard to reduce our borrowing over the years, while increasing value, which I don\u2019t want to throw away. What are the pitfalls of my approaches, and what would you suggest?GSA I suggest that you start by looking at hard facts before coming to a conclusion that you don\u2019t find favour with a certain course of action. For example, you say that your wife\u2019s idea of selling both your properties and buying one mortgage free \u201cwould probably mean moving far from our current area\u201d but I can\u2019t see why you think that. If you sold both properties and paid off the mortgages on them you would be left with \u00a3700,000 to play with which seems ample to buy somewhere in your current area (given that your current home is valued at \u00a3575,000). You could also achieve your wife\u2019s dream of being mortgage free \u2013 and minimise the disruption of moving house \u2013 by selling just your rental property and using the \u00a3375,000 (left after clearing the \u00a3100,000 mortgage) to pay off the \u00a3250,000 mortgage on your home. What you would do with the remaining \u00a3125,000 in cash is up to you. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Should we sell both our properties and buy one mortgage free?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We own our current home and a rental property, and are thinking of selling them...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-123084","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-w1e","jetpack-related-posts":[{"id":963,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/does-the-3-stamp-duty-for-second-properties-apply-in-scotland\/","url_meta":{"origin":123084,"position":0},"title":"Does the 3% stamp duty for second properties apply in Scotland?","date":"January 7, 2016","format":false,"excerpt":"\r We might rent out our flat and buy a house, but are unsure if the stamp duty rules apply to our new house even though we\u2019d be living in it Q I live with my wife in a flat in central Glasgow and we\u2019re looking to move somewhere quieter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84364,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ive-inherited-a-house-should-i-sell-it-or-repair-it-and-rent-it-out\/","url_meta":{"origin":123084,"position":1},"title":"I've inherited a house \u2013\u00a0should I sell it or repair it and rent it out?","date":"April 2, 2018","format":false,"excerpt":"\r I\u2019m 26 and earn just over \u00a320,000, so a buy-to-let mortgage would be a big undertakingQ I have inherited my grandmother\u2019s house (which an estate agent has valued at \u00a3160,000 at the most), while my brother also inherited another small property that she had been renting out before she\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":126061,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-people-looking-to-buy-a-home-in-dubai-shouldnt-wait-any-longer\/","url_meta":{"origin":123084,"position":2},"title":"Why people looking to buy a home in Dubai shouldn\u2019t wait\u00a0any longer","date":"April 25, 2022","format":false,"excerpt":"\r Dubai rental prices have remained high and when compared to the mortgage repayments of properties, tenants who are paying through the roof could in fact be saving money by buying\r \r Source : arabianbusiness.com\r Read more...Why people looking to buy a home in Dubai shouldn\u2019t wait\u00a0any longer","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/04\/wQD8xXrl-Lewis-Allsopp-1-1000x688-1.jpg?fit=1000%2C688&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":127080,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-sell-my-buy-to-let-flat-or-keep-it\/","url_meta":{"origin":123084,"position":3},"title":"Should I sell my buy-to-let flat or keep it?","date":"June 20, 2022","format":false,"excerpt":"\r It has been a successful rental, but I\u2019ve hardly reduced the loan and I\u2019m worried about remortgagingQ In 2006 I bought a flat on the south coast. 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They own seven\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120834,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/im-paying-off-the-mortgage-on-my-flat-whats-the-best-way-to-buy-a-house\/","url_meta":{"origin":123084,"position":5},"title":"I\u2019m paying off the mortgage on my flat \u2013 what\u2019s the best way to buy a house?","date":"June 7, 2021","format":false,"excerpt":"\r I\u2019m wondering if I should sell my current property, or try to keep it to bring in rental income Q I bought my flat with a mortgage about six years ago, scraping my way in as a first-time buyer just before any of the government\u2019s help-to-buy schemes were available.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/123084"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=123084"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/123084\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=123084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=123084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=123084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}