We are temporarily living overseas because of work, and renting a house, while renting out our house in a naice-ish bit of London. We have good tenants who are happy to stay for years, and may be interested in buying the house too.
Our mortgage is big, although covered by the rent, and we have personal debt too after a house repairs disaster. Servicing the debt leaves us tight for cash.
I commute to London weekly for work for half the week and so far, six months in, have stayed with various friends, who have been very welcoming but I still feel as if I'm imposing. I can't afford hotels.
We may well come back to London, and our house is in the catchment of the fabulous primary school I'd like my children to go (back) to if we returned. But it's not certain.
So... Do we sell our house and buy a London flat for me to use and some housing outside London to rent out? We'd need a mortgage but a smaller one. We would have to find a magic place where we could buy a house for around £200,000 and rent it out for £1,000 though, and I'm not sure that exists. Also, a flat surely won't go up in value as much as a house, so are we closing off any chance of returning to London to a house? We could pay off debt which would leave us with more money each month which we could save, so perhaps that would help.
Advice very welcome. The default is the status quo of course.
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20 replies
Threesoundslikealot · 16/11/2016 18:46
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