Looking for some advice please.
We own (mortgaged) a lovely home but need to move for work. We have a mortgage deal for another 2 years and if we leave now early repayment costs would be 10k.
We were thinking that were would rent it out and that the rent would cover our rental costs in the new place. After a bit of reading I’m feeling less certain because of income tax on the rent, eventual capital gains tax etc (we’ve renovated this place from a wreck and the area is v popular so we’ve made quite a lot).
Our mortgage is 900. We could rent this place out for 1700 a month. Rental costs in the new area are slightly cheaper and we could potentially go for a smaller house for 1200-1600 maybe?
Can anyone explain the finances for me? I’m lay in bed worrying about all of this! Thanks 