11:15 AM, 20th December 2014, About 8 years ago 13
I have a number of BTL flats – all fully occupied.
I bought them some time ago at around £20k then remortgaged at a later date with mortgages around £70k to fund a family home.
We can hardly complain – capital growth paid for the family home – with the mortgage on the flats being more than covered by the rent.
So what’s the problem….???
The mortgages are interest only so the day of reckoning for repayment will arrive in 10 years when I need to repay the mortgages.
Next……… I manage the flats in addition to a full time job and would like to “slow down” and have more free time.
So what to do?
Should I sell the flats, pay the astronomical CGT (but in fairness I have made an astronomical profit) and clear all mortgages or appoint an agent to look after the flats and forget about them for a year while they manage any issues. This also leaves the little issue of having to eventually repay the mortgages.
Any impartial advice?
Previous ArticleIs section 21 valid?