So, we have a flat in London that has about £350k equity in it. I would like to move out of London and buy somewhere outright with the equity plus a small mortgage if necessary. Friends have said that we should remortgage and rent out flat, and use the funds to buy house in cheaper area, living off the rent.
DH and i are very risk averse, so not keen on this at all, seems like a huge risk, but are we missing a trick here? I'm a bit worried about burning my bridges, so the idea is kind of appealing.
What do you think sensible property people?