Live in a tiny 2 bed in a great location. Have a tiny 2 bed in a not so great location on BTL mortgage.
Around 50k equity in it and it makes us a reasonable return each month. Very low maintenance, dream tenants, we are very lucky that it has been hassle free.
We are about 25k short to offer on our dream home. We have a buyer for our 2 bed, but can't afford the next step up to a 3 bed in a great road where we live. I have completely fallen in love with a wonderful house, but it is over budget and the only way to fund it would be through the BTL being sold.
Husband doesn't want to do it as he thinks we should buy a cheaper 3 bed in a not so great road, but still in the same great city where we live and keep the BTL. He quite rightly doesn't want all our eggs in one basket in case the market corrects and feels we should be patient (for another 10 years!) and then sell the next house we will move into and maybe sell the BTL and buy a bigger place as a 'final' move. He also feels that as we are 'only 20k' short to afford the 'dream house', we shouldn't lose such a big asset (BTL) to finance such a 'small' shortfall.
He wants to keep the BTL as it may help us make a huge move in a decade or so, it gives us a decent return now and he wants the option of keeping it as part of our pension.
I want my dream house that I have waited so long to buy and it signals so much more - great secondary catchment, the possibility of expanding our family and an idyllic way of life.
Would appreciate your thoughts? Has anyone done this?
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Sell BTL to afford dream house?
12 replies
MsConfused123 · 06/11/2015 21:42
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