Hi there,
Would really appreciate thoughts on this.
Basically, my partner and own an apartment and have been looking to upsell to a house for the last year. On 2 occasions, we came very close to achieving this, but then on once occasion our buyer pulled out last minute and on the other occasion, the people selling the place we were close to buying pulled out.
In an effort to reduce the drama, I am wondering if there was some way we could do this in stages by buying a house for our PPR and changing the apartment to an investment property - which we would later sell and offset against the PPR mortgage.
I may be in dreamland on this one, so would really appreciate your thoughts and indeed the pros and cons.
The details are:
Apartment value – 210K
Outstanding mortgage of 150K
Cost of desired house – 380K plus stamp duty of approx 20K or 420K new property
Joint savings – 30K
No other borrowings
Salaries – both at 40K P.A.
Cheers,
Marge
Would really appreciate thoughts on this.
Basically, my partner and own an apartment and have been looking to upsell to a house for the last year. On 2 occasions, we came very close to achieving this, but then on once occasion our buyer pulled out last minute and on the other occasion, the people selling the place we were close to buying pulled out.
In an effort to reduce the drama, I am wondering if there was some way we could do this in stages by buying a house for our PPR and changing the apartment to an investment property - which we would later sell and offset against the PPR mortgage.
I may be in dreamland on this one, so would really appreciate your thoughts and indeed the pros and cons.
The details are:
Apartment value – 210K
Outstanding mortgage of 150K
Cost of desired house – 380K plus stamp duty of approx 20K or 420K new property
Joint savings – 30K
No other borrowings
Salaries – both at 40K P.A.
Cheers,
Marge