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Should we sell both our properties and buy one mortgage free?
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Q My wife and I (both mid-40s with two primary school aged kids) currently own a home in south-east London which is valued at about £575,000 and has a £250,000 mortgage on it. We also still own and rent out our previous home which has a £100,000 buy-to-let interest-only mortgage and gives us an annual rental income of £18,500.
I’d estimate that the rental property is worth somewhere between £475,000 and £550,000. Its value is a little vague as very few similar properties have sold since we bought it off plan in 2003 so we have nothing to compare it with.
However, it’s in a prime location popular with buy-to-let investors. My wife is very keen to sell up both properties and buy something mortgage free.
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