Hi All.
Just looking for some advice. Purchased my PPR three and half years ago, a two bed apartment, signed upto a fixed rate for five years with repayments of 1338 per month and 1150 after 187.50 TRS. Currently have 230000 remaining on a mortgage of 280000 due to large deposit.
In the mean time a little one has arrived and the lack of garden is becomming an issue, property is on a main avenue with a busy road and no secured garden in the complex so letting her out to play is a non runner as all areas are open to the public.
In March 2012 I will move from onto a tracker at a rate of ECB+1.25%.
Currently rents in the area are approx 700 for a two bed and units are moving very quickly even at a higher end of 750 per month, I would expect a higher return myself as the the property has been gutted and renovated to a very high standard. i.e. solid wooden floors, built in wardrobeds, digital powershowers, central wiring closet for TV to all rooms etc. All units are twenty years old so most would be of a lesser standard. Overall cost is 20000 euro plus.
My question is, I was planning on renting a three bed house for 800 a month and possibly have tenents arranged for 850 per month on the apartment, considering I would loose the TRS of 187 per month would it be worth it or should I wait until I move to the tracker. I have additional income of 350 per month for the property under the rent a room scheme.
So basically would loose the 350 + 187 and would be paying half of 800 as would be moving in the OH.
Any advice/opinions.
Just looking for some advice. Purchased my PPR three and half years ago, a two bed apartment, signed upto a fixed rate for five years with repayments of 1338 per month and 1150 after 187.50 TRS. Currently have 230000 remaining on a mortgage of 280000 due to large deposit.
In the mean time a little one has arrived and the lack of garden is becomming an issue, property is on a main avenue with a busy road and no secured garden in the complex so letting her out to play is a non runner as all areas are open to the public.
In March 2012 I will move from onto a tracker at a rate of ECB+1.25%.
Currently rents in the area are approx 700 for a two bed and units are moving very quickly even at a higher end of 750 per month, I would expect a higher return myself as the the property has been gutted and renovated to a very high standard. i.e. solid wooden floors, built in wardrobeds, digital powershowers, central wiring closet for TV to all rooms etc. All units are twenty years old so most would be of a lesser standard. Overall cost is 20000 euro plus.
My question is, I was planning on renting a three bed house for 800 a month and possibly have tenents arranged for 850 per month on the apartment, considering I would loose the TRS of 187 per month would it be worth it or should I wait until I move to the tracker. I have additional income of 350 per month for the property under the rent a room scheme.
So basically would loose the 350 + 187 and would be paying half of 800 as would be moving in the OH.
Any advice/opinions.