Should I sell my buy-to-let flat or keep it?
It has been a successful rental, but I’ve hardly reduced the loan and I’m worried about remortgaging
Q In 2006 I bought a flat on the south coast. Looking back I had no clue what I was doing and got caught up in an unrealistic bubble that burst soon after. I live in rented housing in the south and couldn’t really afford to buy anything. But I thought I would get a buy-to-let mortgage and that holiday letting would pay the mortgage and that at some point I would own it as I would otherwise never be able to buy in the area I live as my work has always been unstable freelance.
I was refused a buy-to-let mortgage (they said there was no guarantee it would let for enough weeks but I knew it would because of the seaside location) so I asked for a domestic mortgage, planning to live there within a couple of years and thinking it was no big deal. But my circumstances changed and I have not moved.Continue reading...