We own our current property (Mortgage paid off)
Valuation is in the 370-400K mark in a good area (Cork suburb), with good rental potential ( have not checked yet but looking at other rentals in the area should get about 1K/month).
Looking to move up to a property in the 550-600K valuation.
Option we were considering to finance the move was selling the existing propert and taking a new mortgage for 250K over 20 years.
Should we consider not selling?, i.e. leasing our current house, going for say a 550K mortgage over 35 years for a new home, and using the rental income from the old property to part finance. It feels uncomfortable being that much in debt, but my head is telling me its likely to give a better return.
Not a financial expert, so not sure what are the pros/cons of either route. PS: We have 20 years to run to retirement (Oh my God!), could we still get a 35 year term on a mortgage?
Thanks for any advice.
Valuation is in the 370-400K mark in a good area (Cork suburb), with good rental potential ( have not checked yet but looking at other rentals in the area should get about 1K/month).
Looking to move up to a property in the 550-600K valuation.
Option we were considering to finance the move was selling the existing propert and taking a new mortgage for 250K over 20 years.
Should we consider not selling?, i.e. leasing our current house, going for say a 550K mortgage over 35 years for a new home, and using the rental income from the old property to part finance. It feels uncomfortable being that much in debt, but my head is telling me its likely to give a better return.
Not a financial expert, so not sure what are the pros/cons of either route. PS: We have 20 years to run to retirement (Oh my God!), could we still get a 35 year term on a mortgage?
Thanks for any advice.