I would appreciate some financial advise on what we should do with an investment property. Details of our financial situation are:
Age: 43
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: 53,500
Annual gross income of spouse: 35,000~ self employed
Type of employment: civil servant and self employed
saving 800pm
Rough estimate of value of home: 165,000
Amount outstanding on your mortgage: 142,600
What interest rate are you paying? variable 4.25% 19 years left, 900pm
Other borrowings – car loans/personal loans husband has small remaining car loan approx 1,500 to finish paying
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card?
Savings and investments: approx 35k in savings
Do you have a pension scheme? yes both have
Do you own any investment or other property? YES,
Value - 125,000, outstanding = 165,000, 5.15% 14 years left (now paying interest and part capital 780pm) was originally interest only. Rental income = 650.
Ages of children: 9, 7 , 3
Life insurance: yes
Of note parents have offered up to 25k to help and We also received letter from bank recently that our home mortgage is part of the central bank tracker review.
So ideally we would like to sell the investment property, speaking to autioneers the current value is unlikely to change so are we better to just cut our losses now in case the value drops and we owe even more!. Just to add the strain and worry of this hanging over us is unbearable. The overall plan is to sell our home but will have to get rid of investment mortgage to do this and re-locate and just put the nightmare of being a landlord behind us as it hasn't been a easy ride.
Any advice welcome.
Age: 43
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: 53,500
Annual gross income of spouse: 35,000~ self employed
Type of employment: civil servant and self employed
saving 800pm
Rough estimate of value of home: 165,000
Amount outstanding on your mortgage: 142,600
What interest rate are you paying? variable 4.25% 19 years left, 900pm
Other borrowings – car loans/personal loans husband has small remaining car loan approx 1,500 to finish paying
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card?
Savings and investments: approx 35k in savings
Do you have a pension scheme? yes both have
Do you own any investment or other property? YES,
Value - 125,000, outstanding = 165,000, 5.15% 14 years left (now paying interest and part capital 780pm) was originally interest only. Rental income = 650.
Ages of children: 9, 7 , 3
Life insurance: yes
Of note parents have offered up to 25k to help and We also received letter from bank recently that our home mortgage is part of the central bank tracker review.
So ideally we would like to sell the investment property, speaking to autioneers the current value is unlikely to change so are we better to just cut our losses now in case the value drops and we owe even more!. Just to add the strain and worry of this hanging over us is unbearable. The overall plan is to sell our home but will have to get rid of investment mortgage to do this and re-locate and just put the nightmare of being a landlord behind us as it hasn't been a easy ride.
Any advice welcome.