C
casie
Guest
I would be very grateful for any advise on this matter - myself & my husband purchased an apartment approx. 2 years ago and are renting it out - we purchased our first family home approx. 3 years ago - we have substantial mortgage repayments on both. However the repayments for the apartment are more or less being covered by the rental income it is generating.
I am now considering staying at home for a few years to mind our children full-time but will be giving up a very generous pay package which will hugely affect our lifestyle. Would it be very foolish for us to change the mortgage on our rental property to an interest only mortgage and use the extra cash this frees up to supplement my husbands wage (he is the lower earner). I think this is the only way for us to be able to afford to go down the route of me giving up my job but obviously if this is in the long term financial madness we will look for another option.
All advice would be greatly appreciated !
I am now considering staying at home for a few years to mind our children full-time but will be giving up a very generous pay package which will hugely affect our lifestyle. Would it be very foolish for us to change the mortgage on our rental property to an interest only mortgage and use the extra cash this frees up to supplement my husbands wage (he is the lower earner). I think this is the only way for us to be able to afford to go down the route of me giving up my job but obviously if this is in the long term financial madness we will look for another option.
All advice would be greatly appreciated !