I bought my property 5 years ago, just before the recession hit so I paid full wack for it. I am now in a position that I am going to move in with my partner in the next 2 months and I am trying to work out whether to rent out my apartment or whether to sell it.
If I sell my apartment I will be left with £5-£10k to find as it isn't worth what I paid for it, and there will be all sorts of fees, yet if I rent the property out I will need to £200 a month as the rental income won't cover the mortgage payment and management fees once I change the mortgage to consent to lease.
Do I rent it out and keep paying £200 a month to keep the property and slowly but surely pay off the nagative equity, with the possibilty of house prices falling even more and interest rates going up, or do I sell it and get out a loan which I would put that £200 a month towards and cut my losses!
Any sensible suggestions would be grately appreciated!
If I sell my apartment I will be left with £5-£10k to find as it isn't worth what I paid for it, and there will be all sorts of fees, yet if I rent the property out I will need to £200 a month as the rental income won't cover the mortgage payment and management fees once I change the mortgage to consent to lease.
Do I rent it out and keep paying £200 a month to keep the property and slowly but surely pay off the nagative equity, with the possibilty of house prices falling even more and interest rates going up, or do I sell it and get out a loan which I would put that £200 a month towards and cut my losses!
Any sensible suggestions would be grately appreciated!