D
Dee81
Guest
Hi everyone
Please be patient, this is my first post!
Scenario: Myself and my boyfriend have 3 houses between us, One each in our own names and one held jointly. His is worth 300K with an o/s mortgage of 90K. Mine worth 180-200K with o/s mortgage of 90K. We just bought a third house between us for 340K (tracker for 30 yrs) but is worth 450-500K (bought from parents). All three mortgages together amount to 520K. Both his own house and my house are rented and covering the respective mortgages.
We feel that with the third mortgage (340K) which is EUR1,800 per month, we are a little below out of our dept and the pressure is on.
We want to sell one of the houses take the pressure off a bit but really have no idea which house to sell and what the tax implications would be.
There are a few options that we have thought about
1) sell my house and use 100K to pay off his mortgage and then have rent money from his house to help with repayments on larger mortgage
2) Sell my house and use 100K to pay off some of the 340K mortgage.
3) Sell his house and use 200k to pay off larger mortgage?
Has anyone any advice? We will go to an independant advisor anyway but any thoughts on this or any advice at all would be greatly appreciated.
Thanks
Please be patient, this is my first post!
Scenario: Myself and my boyfriend have 3 houses between us, One each in our own names and one held jointly. His is worth 300K with an o/s mortgage of 90K. Mine worth 180-200K with o/s mortgage of 90K. We just bought a third house between us for 340K (tracker for 30 yrs) but is worth 450-500K (bought from parents). All three mortgages together amount to 520K. Both his own house and my house are rented and covering the respective mortgages.
We feel that with the third mortgage (340K) which is EUR1,800 per month, we are a little below out of our dept and the pressure is on.
We want to sell one of the houses take the pressure off a bit but really have no idea which house to sell and what the tax implications would be.
There are a few options that we have thought about
1) sell my house and use 100K to pay off his mortgage and then have rent money from his house to help with repayments on larger mortgage
2) Sell my house and use 100K to pay off some of the 340K mortgage.
3) Sell his house and use 200k to pay off larger mortgage?
Has anyone any advice? We will go to an independant advisor anyway but any thoughts on this or any advice at all would be greatly appreciated.
Thanks