Relocation advice - What to do with mortgaged flat?
Discussion
I bought a new build flat in Swindon for £110,000 in Sept 2012 with a FTB £80,000 First Direct (FD) 5 year fixed mortgage. I think as of today the outstanding balance is £78k.
I want to relocate to the SE later this year and the simplest thing to do would be to sell the flat. Problem is I've been monitoring Rightmove for a while and there doesn't seem to be any market for my type of property. I would be able to cover this mortgage and pay rent in the SE but worry this would hinder my ability to take out another mortgage on another property in say 12 months - if the flat is not sold.
There's more of a market for rents but as far as I can tell FD don't offer BTL mortgages and from what I've read on the net they're not keen on consent to let either. Redemption charge is about £4k and 'competitive' BTL mortgage fees don't seem cheap either.
Does anyone know of a cost effective solution please?
I want to relocate to the SE later this year and the simplest thing to do would be to sell the flat. Problem is I've been monitoring Rightmove for a while and there doesn't seem to be any market for my type of property. I would be able to cover this mortgage and pay rent in the SE but worry this would hinder my ability to take out another mortgage on another property in say 12 months - if the flat is not sold.
There's more of a market for rents but as far as I can tell FD don't offer BTL mortgages and from what I've read on the net they're not keen on consent to let either. Redemption charge is about £4k and 'competitive' BTL mortgage fees don't seem cheap either.
Does anyone know of a cost effective solution please?
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