GalwayGuy99
Registered User
- Messages
- 4
Really confused about current situation and would greatly appreciate some honest advice from posters. Going mad trying to decide what to do.
I'll be as brief as possible.
Married with two kids, stay at home mum, I earn 120k pa.
own our home and one investment property. Both on trackers.
House 1: value 250,000. Mortgage 110,000 left. Monthly costs 550 and rent received is 1300.
House 2: (our home): value 330k, 280 left. 1500 mortgage per month.
We're moving house (too small with other kid on the way). New house will cost 400k approx. Have 100k savings.
Initially was going to sell our home house to buy the new house......however I wonder are we making the right decision?
Should I hold on to house 2 - could rent it for 1800 - and get a mortgage with another bank for the new house. If we put our savings in we'd only need 300k. Repayments 1450 per month.
Am I nuts putting myself under that pressure or am I nuts not to keep the houses?
My goal here is to provide a solid handover to my two kids and the one on the way. I don't care about personal wealth in the least.
Hope I made my predicament clear - please help
I'll be as brief as possible.
Married with two kids, stay at home mum, I earn 120k pa.
own our home and one investment property. Both on trackers.
House 1: value 250,000. Mortgage 110,000 left. Monthly costs 550 and rent received is 1300.
House 2: (our home): value 330k, 280 left. 1500 mortgage per month.
We're moving house (too small with other kid on the way). New house will cost 400k approx. Have 100k savings.
Initially was going to sell our home house to buy the new house......however I wonder are we making the right decision?
Should I hold on to house 2 - could rent it for 1800 - and get a mortgage with another bank for the new house. If we put our savings in we'd only need 300k. Repayments 1450 per month.
Am I nuts putting myself under that pressure or am I nuts not to keep the houses?
My goal here is to provide a solid handover to my two kids and the one on the way. I don't care about personal wealth in the least.
Hope I made my predicament clear - please help