Sell second property now ?

Employed in public sector
husband self employed

home mortgage 80k outstanding variable 2.5% rate value 350 k

rental property 179k outstanding on 2.75% rate purchase price 310k
rented for 14 yrs, on low rate 1350 per /month stuck in rpz yield very low

3 kids
Have some AVCs

Wondering if we should sell now, to pay off both mortgages. Won't be trading up again.
no shares / equity.

What sale price do you think you could get for the second property

in around 300k

cremeegg said:

What sale price do you think you could get for the second property

Click to expand...

in around 300k

S0@p0per@ said:

Wondering if we should sell now, to pay off both mortgages. Won't be trading up again.

Click to expand...

I would but not based on a particularly well thought out financial decision. I'd just like the idea of being debt free and not having that worry. It also gives you more options generally.

From a financial planning side of things all your investment eggs are in one basket. Using some of the cash you have freed up to plough money into your or your husbands pension should constitute less risk but your ages and the ages of your children will have a considerable bearing on what you should do next.

kids are under 6, and we are mid 40s

S0@p0per@ said:

kids are under 6, and we are mid 40s

Click to expand...

I'd be concentrating on the pensions as an investment strategy. I'd also use some money for the most valuable thing you will ever buy with it; great memories with your children. Go on some really nice holidays. They'll remember them forever.