katiealice
Registered User
- Messages
- 27
Why do you have to pay the UB out of the sale proceeds of the investment property?
What is the full mortgage payment on the home?
What age are you and your partner.
Make sure out of the sale proceeds you pay your auctioneer, solicitor, NPPR, and all taxes before you even consider giving anything to UB. If you are not up to date on your rental income taxes, once you have the lump sum that is the time to sort it out. I presume you have signed nothing with UB in relation to this amount as the mortgage is with BNP.
At face value your financial position appears to be good!!
You are paying a minimum 366 towards the French mortgage, (should have coped that when you mentioned the bank !).
Are you sure on the CGT not being an issue in France, any clawbacks on VAT for this, it's not one of those leasebacks etc.
In addition to the 366, how much did you subsidise this property by? I want to see how much you'll be saving by not having it.
Your ages mean there is a possibility of mortgage extension to maybe 70 if bank allows it. This would drive down the repayment. Something to think about.
Don't worry about the PHI, too late now and most of them wouldn't have paid out in any case.
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