Should I keep my flat on an interest-only mortgage when I move city?
I’m planning to leave London and I’m thinking about renting out my property
Q My family and I are planning to leave London and move north. Ultimately we want to own a house in the place we move to, but we are planning on renting for the first year whilst we get established.
Ten years ago we bought a two-bedroom flat in East Dulwich on part-rent part-buy scheme for key workers. At the time we could afford to buy a 25% share of the flat which was valued at £240,000. Later on, we purchased a further 50% when the value was £350,000, then bought the final 25% when the value was £415,000. Our current mortgage loan stands at about £300,000 and the flat is now valued at £500,000.Continue reading...