Following on from Creamegg's post my situation is.
Combined Income of €110K
No loans/CC debt.
Savings €50K- saving 2K a month.
Pension pot (100% equities) 150K adding circa €1K a month
PPR
Value: €230K
Loan: €190K- BOSI tracker ECB +0.7%- I&C 24 years left
RIP
Value: €180K
Loan: €230K- BOSI tracker ECB +1.5%- IO 24 years left
Repayment: €386
Rent: €900
My wife is due our first child is about 6 months and we are considering moving closer to family.
Both properties are in good renting locations and PPR should get about €1K a month.
On one hand I am reluctant to sell either due to cheap trackers and should be profitable, however I don't want to take on anymore property debt and increase my exposure to one asset class.
The options are I see it are;
-Stay in current property and have family further away
-Rent RRP and rent in location closer to family (rent would be higher than current mortgage so reduced ability to save)
-Sell RRP and buy closer to family
-Look to make any offer to BOSI on one or both properties to reduce borrowing and then do either of options 1,2, or 3.
I guess for the last option I would need to crush the short and long term numbers to see what would be a good offer to make.
Would appreciate people's thoughts.
Combined Income of €110K
No loans/CC debt.
Savings €50K- saving 2K a month.
Pension pot (100% equities) 150K adding circa €1K a month
PPR
Value: €230K
Loan: €190K- BOSI tracker ECB +0.7%- I&C 24 years left
RIP
Value: €180K
Loan: €230K- BOSI tracker ECB +1.5%- IO 24 years left
Repayment: €386
Rent: €900
My wife is due our first child is about 6 months and we are considering moving closer to family.
Both properties are in good renting locations and PPR should get about €1K a month.
On one hand I am reluctant to sell either due to cheap trackers and should be profitable, however I don't want to take on anymore property debt and increase my exposure to one asset class.
The options are I see it are;
-Stay in current property and have family further away
-Rent RRP and rent in location closer to family (rent would be higher than current mortgage so reduced ability to save)
-Sell RRP and buy closer to family
-Look to make any offer to BOSI on one or both properties to reduce borrowing and then do either of options 1,2, or 3.
I guess for the last option I would need to crush the short and long term numbers to see what would be a good offer to make.
Would appreciate people's thoughts.