Hi All,
Caught between two stools (properties) and dont plan on living in either
I have an investment property in Lucan. Rental income 900 pm. Mortgage is currently 260k. Interest only&tracker. I havent had a valuation done on the property recently but I think it would be valued in or around the 260k mark.
My current PPR is a 1 bed apartment, 315k mortgage (bought 2006) Negative equity of approx 100k. Tracker
I would like to move out of the 1 bed and buy a decent family house over the next 2-3 years. (I dont want to live in the Lucan house)
Im in no rush to sell either property, but I want to be in a position to qualify for a mortgage for family house over the next 2-5 years. With the current level of debt on my books and negative equity , what would be the best strategy to start to look in a healthier position financially ?
(a) Go for the long term 15-20 year plan, cannibalise the mortgages during low interest rate environment to get rid of negative equity, improve rental yield etc,and end up using these properties as pension. And just rent a family size home for next few years
(b) Sell up both places and realise the negative equity debt now. Then try to get a mortgage in 2-3 years for family house.
I know no-one has a crystal ball, but would like to just get advice, probably need to see an FA to discuss the whole thing !
Thanks
Caught between two stools (properties) and dont plan on living in either
I have an investment property in Lucan. Rental income 900 pm. Mortgage is currently 260k. Interest only&tracker. I havent had a valuation done on the property recently but I think it would be valued in or around the 260k mark.
My current PPR is a 1 bed apartment, 315k mortgage (bought 2006) Negative equity of approx 100k. Tracker
I would like to move out of the 1 bed and buy a decent family house over the next 2-3 years. (I dont want to live in the Lucan house)
Im in no rush to sell either property, but I want to be in a position to qualify for a mortgage for family house over the next 2-5 years. With the current level of debt on my books and negative equity , what would be the best strategy to start to look in a healthier position financially ?
(a) Go for the long term 15-20 year plan, cannibalise the mortgages during low interest rate environment to get rid of negative equity, improve rental yield etc,and end up using these properties as pension. And just rent a family size home for next few years
(b) Sell up both places and realise the negative equity debt now. Then try to get a mortgage in 2-3 years for family house.
I know no-one has a crystal ball, but would like to just get advice, probably need to see an FA to discuss the whole thing !
Thanks