Just wanted to ask for people’s opinion.
I guess I am at a cross roads but am fortunate that I am in the position I am in.
Bought affordable unit (3 bed duplex) in 2006, have 83k owing on it and its plenty big for family comfort etc.
Never saw myself living in it forever and have thought about moving more into a 3 bed semi with garden and driveway in locality where im from.
Sell affordable unit, for market of say 240k , pay 70k clawback , pay balance of loan 83k, which leaves 87k to be used to leap frog into unit for 340k in area I want and move.
Keep affordable unit. Save llike a mad thing for the next year or two for a deposit and apply with wife for mortgage (both mid 30’s and with OH part time our annual income is 93k and with her full time it will be about 110/120k) , Rent affordable unit to sibling for reasonible amount, say 1200 p/m and cover off the mortgage (700e) and pay it off a bit early or have the balance contribute towards new mortgage.
Idea behind Option 2 is that i will always have rental income or i can sell it further down the line.
What would anyone else do? Am i bringing on hassle by being a 'landlord'
Will I need a strict 20% deposit to purchase the 340k house if I run with option 2?
Will the banks be a big no no about me holding on to the Affordable unit or does it stand to me for my application?
Is there anything im missing tax wise other than NPPR?
Thanks in advance