Property advice, please help

[Dan S]

Hi Jay

I couldn't agree with 'Phoenix Homes' more. You should most certainly try to get at least one of the flats onto a capital repayment mortgage. You're no doubt concerned since interest rates have only one way to go - up, but at least you're not running into deficit every month and starring down the barrel of repossession.

That said, you are in a precarious position because can you afford for your mortgage onterst rate to go up? Many people don't believe the base rate will rise quickly since there are many people in a similar boat to you, but rise they will!

I thoroughly reccommend you start saving in a separate account to cover the impending rise in your mortgage costs, and certainly start trying to repay the mortgage on at least one home.

Best of luck

Dan S

[Dan S]

Hi Jay

I couldn't agree with 'Phoenix Homes' more. You should most certainly try to get at least one of the flats onto a capital repayment mortgage. You're no doubt concerned since interest rates have only one way to go - up, but at least you're not running into deficit every month and starring down the barrel of repossession.

That said, you are in a precarious position because can you afford for your mortgage onterst rate to go up? Many people don't believe the base rate will rise quickly since there are many people in a similar boat to you, but rise they will!

I thoroughly reccommend you start saving in a separate account to cover the impending rise in your mortgage costs, and certainly start trying to repay the mortgage on at least one home.

Best of luck

Dan S

[New Homes Expert]

It isnt known as "Buy to Regret" for nothing!

Like you, many were taken in by easy mortgage lending and the chance to make a quick buck on the rising property market and then found they bought at the top. GREED was your downfall.

Owning property is a long term thing, Buy to NEST IN not Buy to INVEST IN!

Buy a house and live in it. You now know why it is not a good idea unless you buy and sell at the right time. Overall, you would be better off with an ISA!

[jodieB]

Interesting tread, many people have stated to keep hold of the property. Interest rate will rise soon as inflations is rising at the money and the government will increase interest rate eventually because if they don’t the value of the pound will decrease, therefore the question you need to ask yourself, When interest rate rise (I don’t know when it will) will the rent keep covering the mortgage or will you have to supplement it and if so can you afford to, look at your finance and see what is best for you in the long run. I would say get a valuation to see where your properties are at the moment.

[Dan S]

Jodie B's right. You should also try and come up with a maximum percentage rise you could reasonably cope with and keep trying to save as much cash reserve as possible. You just need to concentrate on keeping your head above the water.