M
Malgovert
New Member
Morning
I bought a property 3 years ago in Canary Wharf at £450k. I am losing around £12k a year on it, and paying very little capital off as I took out a long mortgage with fixed 5 year term. Nevertheless the rent does cover all the interest paid. I have 6 other properties and have been struggling a bit lately to keep up payments - but it is difficult to determine whether selling would actually improve things all that much. I have an offer but it is £100k less than I paid. Plus the early redemption will cost me around £15k penalty. With Crossrail and Brexit on the horizon, I cannot decide whether to cut my losses and sell or struggle through for another 2 years so the fixed term will have expired and the market may have changed - but whether for better or worse seems impossible to determine. Welcome and appreciate any comments you may have. Thanks very very much.
I bought a property 3 years ago in Canary Wharf at £450k. I am losing around £12k a year on it, and paying very little capital off as I took out a long mortgage with fixed 5 year term. Nevertheless the rent does cover all the interest paid. I have 6 other properties and have been struggling a bit lately to keep up payments - but it is difficult to determine whether selling would actually improve things all that much. I have an offer but it is £100k less than I paid. Plus the early redemption will cost me around £15k penalty. With Crossrail and Brexit on the horizon, I cannot decide whether to cut my losses and sell or struggle through for another 2 years so the fixed term will have expired and the market may have changed - but whether for better or worse seems impossible to determine. Welcome and appreciate any comments you may have. Thanks very very much.