N
Northern Property
New Member
Hello All, great site lots of information that is really useful, Thanks. (cant believe I haven't come across it)
I am after advice as I found myself at crossroads.
My situation is I am from North east England, firstly I own my own home its worth £190,000 with a mortgage of just £50,000 which I am comfortable with. I am currently working in Engineering role but I am wanting to branch out int property full time and trying to find best way to fund this dream. I will try and outline my situation as best as I can and hopefully someone could assist me in helping achieve my ambition.
I hope you can assist
I am after advice as I found myself at crossroads.
My situation is I am from North east England, firstly I own my own home its worth £190,000 with a mortgage of just £50,000 which I am comfortable with. I am currently working in Engineering role but I am wanting to branch out int property full time and trying to find best way to fund this dream. I will try and outline my situation as best as I can and hopefully someone could assist me in helping achieve my ambition.
- I also own a 3 bedroom end terrace house valued at £90,000 with a repayment mortgage of £54,000 15 years remaining. My Mortgage is currently £300 a month and I have tenants paying £525 a month. They have been there over 6 years.
- I own a property overseas that is worth £120,000 with mortgage of £250 a month that I use myself for holidays and family, rental covers the mortgage and generates no profit. Happy a property will be paid for to retire too.
- I have also bought a 4 bedroom Victorian town house for £145,000 in a tourist destination this was in need of updating and structural repairs (damp, rewiring, change of sanitary system, and general refurbishment) I have spent £42,000 on it to date with another £10,000 estimated to complete it. I have been told it will fetch offers of around £250,000- £270,000 on completion. As its in tourist area I have also been informed it can rent during peak season for £800 per week and off peak £500 with view of achieving 25 weeks a year plus weekends. My mortgage on this is just £55,000 and all works completed have been paid for.
I hope you can assist