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3 houses and not family home

2 replies

mortgagefreesoon5 · 09/07/2016 13:42

Need a bit of insight please. We have 3 houses, let's call them A, B and C
House A
Is in UK, small two bed terrace, we are living in it, town centre location, we cant extend, currently about 50% ltv.
House B
Is abroad, in the country side, needs complete renovation, around 60%ltv
House C
Is abroad, in the countryside, in fact is next door to House B, not mortgage, currently rented for 200 eur
So, we have 3 houses but not a family home.
I love the house where we live ( house A)but it's small, we have two small children/dog and we are working from home. However due to location I believe it'd be easily rented and it could be part of our pension when we come to retire.
We want a family home, my dh thinks we need to sell house A, but i don't want to sell it.
What would be the best way to finance a new home in our case? Family homes in our area are gbp300000.
Don't know if I make too much sense, I keep going over it, just need someone with an experienced perspective. Thanks

OP posts:
EssentialHummus · 09/07/2016 13:49

How much is each house worth OP?

Keep in mind that you may (depending on who owns and how you own it) that you'll be paying a higher rate of stamp duty on the new house if you keep A, as it'd likely fall under the April BTL stamp duty changes from the info you've given.

mortgagefreesoon5 · 09/07/2016 14:10

Good point Essential about duty changes, I recogn then, duty would cost an extra 10000 gb if we were to buy a 300000 gbp house
My dh an I own the houses jointly 50% each
House A worth 200000gbp owe 100000
House B worth 100000eur owe 40000
House C worth 60000 eur mortgage free

OP posts:
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