We are currently mortgage free, and loving it. Should we take on another mortgage in order to buy the House of our dreams?
We are planning a move to another county in the UK, our house is up for sale for £489k. We’ve seen the perfect house for 410,000. Our offer has been accepted pending the sale of our house. We’ve had half a dozen viewing so far and three offers. one fell through - they pulled out after a few days, one of them was 40k below asking price and the third we accepted – 10 K above asking but we’re waiting for them to sell their property. We’ve been on the market for three months.
We have a rental property that brings in a grand per month and we are now considering taking out a mortgage to be able to fund the new house.
We are very unsure about this because at the moment we are mortgage free on both properties so we do understand what a fantastic position we’re in.
Spoke to a Mortgage Advisor today who suggested we take out two buy to let mortgages so we end up renting out two properties. This will allow us to buy the property that we love and move sooner rather than later, the longer we leave things the more likely the property we love will get snapped up by someone else.
My husband is 62 and I’m not too far behind, renting out one property is enough admin for me - as well as putting through the tax returns et cetera. I’m not sure I want the hassle of renting out the property that we’re currently in because it’s over 100 years old and will need maintaining.
I crunched some figures into ChatGPT and it seems to think I SHOULD rent out the two properties, take out the two mortgages and I’ll be quids in after 10 years or so. The thing is we’re not greedy. We’re know we’re a very very good position already having one rental property and no mortgage. I don’t want the next decision we make to be out of fear but I also don’t want to miss out on the opportunity to better ourselves just because we want an easier stress free life.
Both ChatGPT and the Mortgage Advisor are looking at this as a long-term investment. Have I got the wrong mindset? We want an easy ride now into retirement I don’t really want the hassle of more renting and having two mortgages.