Best way to spend 50K on property?

[the wopster]

Remember once you own that second property you leave yourself open to capital gains tax when you sell it

 

[Randomface74]

I'd sell the flat, pay back everyone, then have a big deposit for buying a house to get a good mortgage deal - mortgage interest on a house could be more than the value of the flat.

 

[FutileBreadMachine]

Remember once you own that second property you leave yourself open to capital gains tax when you sell it

Good point, I will have to keep that in mind, though hopefully that will be a good few years away.

I'd sell the flat, pay back everyone, then have a big deposit for buying a house to get a good mortgage deal - mortgage interest on a house could be more than the value of the flat.

This might actually be a good idea. We were set on keeping this flat, but maybe we should just concentrate on getting a decent house and then worry about property investments later. Currently we are going with keeping the savings in ISAs for another year since I think 50K isn't enough to buy a house and keep this flat. We may end up just selling like you say, since a decent house in Surrey is £300K+!