ChatterBank0 min ago
any advice?
8 Answers
I have a flat which has been on and off the market for 2 years with no success. I have an asking price offer on the table which was made 4 months ago but the purchaser hasnt managed to sell theirs either and so Im getting a bit disheartened. My estate agents have admitted they are struggling, not with the price or the flat itself but with its location above a restaurant. It is �15 less than anything else in the town. My partner owns a property elsewhere and this is just big enough for us and our child but with another on the way we are now having to move. We are restricted as to what and where we can by due to his job and as such would need to sell both properties and then take out a further �100k mortgage to move on. Our bank has agreed in theory to this but of course we cannot proceed with the house sale until the flat is sold and time is running short. Do you think i could re-mortgage my flat on a buy-to-let and still be able to take out a joint mortgage without having to consider the flat mortgage? Im pretty sure the flat would easy rent out.
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.Yes, you could remortgage the flat and use the money towards another house. There will be tax implications on the flat when you do an annual return i.e. the interest on the mortgage payments wont be allowable against your tax bill, so you might find yourself paying more tax.
Although it sounds like you might get a good yield on renting the flat, do allow for voids (periods in between tenants when you wont get any rent) plus other costs, repairs etc. And, if you use an agent they'll take a cut too.
Although it sounds like you might get a good yield on renting the flat, do allow for voids (periods in between tenants when you wont get any rent) plus other costs, repairs etc. And, if you use an agent they'll take a cut too.