Hello people!!!
We are coming to the end of our fixed term mortgage for what we call our "rental" house. DH is in the forces hence we live in service accomodation - hence the term rental house.
The rental house is worth 110,000-120,000 and producing 525 per month in rent we have got 28,000 left on the morgage, (we have made the most of the overpayment facility)The household income is 34,000 from DH wages, DW is curently not earning as we have just moved and she had to give up her job. When DW dose start to earn a wage i would guess it would be about 12,000.
The plan is to leave the rental house where is it and purchase a "forever" house which we could move into in a few years once DD finishes at primary school (untill then i would look at renting it out again) - she has moved schools three times in three years and we WILL be stable now for the forseeable future.
So how much are we looking at ??? the morgage does have a few months to run (four months) so we are just looking at our options!!
thanks
We are coming to the end of our fixed term mortgage for what we call our "rental" house. DH is in the forces hence we live in service accomodation - hence the term rental house.
The rental house is worth 110,000-120,000 and producing 525 per month in rent we have got 28,000 left on the morgage, (we have made the most of the overpayment facility)The household income is 34,000 from DH wages, DW is curently not earning as we have just moved and she had to give up her job. When DW dose start to earn a wage i would guess it would be about 12,000.
The plan is to leave the rental house where is it and purchase a "forever" house which we could move into in a few years once DD finishes at primary school (untill then i would look at renting it out again) - she has moved schools three times in three years and we WILL be stable now for the forseeable future.
So how much are we looking at ??? the morgage does have a few months to run (four months) so we are just looking at our options!!
thanks