I have a similar query. We want to move to another location (house) and take out a second mortgage. Our first property (apartment) was purchased 5 years ago so the mortgage is quite low and renting out makes sense as it would essentially pay for itself (plus we wouldn't be dependant on selling to buy). Has anyone else had experience in doing this? I figure we will have a couple of months where we have to pay 2 mortgages (expensive but doable in the very short term) - but am interested in knowing about any other benefits/pitfalls to this?
