The time has come to renew the mortgage on our buy to let 1 bed flat, which we bought for £215,000 in 2017. We got in touch with the estate agent, who says the asking price is £200,000 and that, with any luck, we’ll get £190,000. There are another 20 flats in the area with the same features and specifications going for £190,000.
It’s currently let out, and after taxes we’re only making £50 a month. Which resulted a terrible investment.
But would it be better to renew the mortgage for two years and wait for the market to pick up, hoping to at least sell it for the same price we bought it for? Or cut your loses and take the equity to shares or toward our own home mortgage?
TIA for any advice.
u/Icy_Attention9010 — 10 days ago