I dont think I will be able to afford to live in the house for a couple of years but I am renting the property out at the moment and this is going well. if i got the asking price for the property it would give me about 27k equity in the property to re-invest somewhere. the rent does cover an interest only mortgage but not the full repayment mortgage at the moment i need to add about 150 to it each months and that is perfectly ok. If i sold up I could afford to save about 4k a year and on 27k i could easy get about 1500 interest. i guess the question is will house prices rise by more than what i can save. what do you guys think. in the last year the avearage increase in house prices near my property are about 7%
i cant downsize as its already a first time buyer home and i bought it for 91k and have a 78k mortgage. similar houses are going for 105K now. i live in the southeast near norwich but i only earn 25500 and it isnt really enought to live comfortablely with (i have high travel costs)