Sell up and move or Buy to Let it?

[sja360]

Bit of a quandary here, personally i think for hassle sake best to sell and move on, currently £131k debt remaining for a property worth £330-£350k. 4 bed semi detached victorian.

Wife suggests we keep it for a cash in for retirement while we move to a similar £350-400k house (more modern however) for better schooling.

I like the idea of buy to let but suspect it will eat into my leave time (i work offshore) and will be subject to income tax from profits i guess? (I expect £1500 pcm rental, mortgage is £670ish)

Other option means pretty much selling and moving and this free's up cash.

Still to speak with a mortgage advisor but would appreciate anyone that had similar thoughts or experience and how it went.

For reference we are in Dundee and are looking to move to Bearsden, Glasgow or similar area for decent schooling.

Cheers,
Stephen

 

[sja360]

How old are you?

38
I'm not a ltd company contractor, i have heard briefly of people but unaware of ita advantages / disadvantages.

I was always considering going with a letting agent really as it would be too far away and as already stated i couldn't turn up every x weeks.

When i say offshore i don't mean rigs, typically pipelay construction vessels and most recently jack ups for installing wind farms.

I believe if i applied for listed status for the house it would allow me to be exempt or subject to more relaxed EPC requirements. Currently its probably a D.