WWYD? Want to buy but may be not best time?

[tefal]

We have 3 investment properties that are currently let out. If they could be sold (we be hit with CGT) they'd get us around £300,000.

We've recently returned to the UK after being away. Currently in rented but hoped to be out and into our own place in 6 months which is February next year.

Hourly rates/salaries here have dropped to very low amounts so our earning potential is quite low. This won't get us much of a house if we can buy.

We hoped to have re-mortgaged one of our investments (they are mortgage free) to put a deposit down on a family home but even with that I think the banks are being quite strict.

So my point is should we look at a longer term rental and see what happens to property/mortgages/GFC in say a couple of years?

Been away so not sure how banks are lending, properties are selling etc.

ANy thoughts/suggestions?

Would you consider living in one of your lets? My partenr and I have just remortagaged (our house was m free but we took out 37k to do some work- it was a nightmare getting the remortgage- even though the property is worth 250k and we are both well employed etc, banks hate re mortgaging at the moment.

Beware of CG tax aswell

Yes, the CGT bit is annoying! They are 1 bed places so too small for us as a family.

Spoke to the bank and they've advised against selling but got some positive feedback on re-mortgaging with them at the end of the year.

Now of the opinion what will be will be. Being in rented isn't the end of the world and we are very fortunate to have these investments.

Thanks for responding.

If you can afford to rent a home on the rental income of your investments, then in the short term, I would do that and wait and see...