hi, all!
my first time in posting to this forum, so pls excuse any misbehaviour from me!
i have a problem that i am hoping somebody here may be able to help with.
and this may well be a warning to other would-be landlords, as if you cannot afford to have an emergency slush fund to bail out your rental properties when reqd, you shouldnt really get involved!
i have several properties rented out but due to the rental income coming in at odd times of every month, i am now faced with arrears on some of them, as i was relying on the rental to pay the mortgages.
i have one property which has around £25k to £30k equity in it and i am thinking of selling it to release the equity from it, so i can clear up the problems with my other mortgages.
but, this particular property is in a very good area and i can forsee its price increasing much higher in the long term.
so am i making the right decision in wanting to sell it off? i cannot try and remortgage it as i now have arrears from the other properties on my credit history and one application i tried for a remortgage was declined.
the only other choice i have is to try and raise a secured loan on this property, but that will have to be credit checked too!
i need around £15k to £20k to sort my problems out.
any ideas at all, pls?
my first time in posting to this forum, so pls excuse any misbehaviour from me!
i have a problem that i am hoping somebody here may be able to help with.
and this may well be a warning to other would-be landlords, as if you cannot afford to have an emergency slush fund to bail out your rental properties when reqd, you shouldnt really get involved!
i have several properties rented out but due to the rental income coming in at odd times of every month, i am now faced with arrears on some of them, as i was relying on the rental to pay the mortgages.
i have one property which has around £25k to £30k equity in it and i am thinking of selling it to release the equity from it, so i can clear up the problems with my other mortgages.
but, this particular property is in a very good area and i can forsee its price increasing much higher in the long term.
so am i making the right decision in wanting to sell it off? i cannot try and remortgage it as i now have arrears from the other properties on my credit history and one application i tried for a remortgage was declined.
the only other choice i have is to try and raise a secured loan on this property, but that will have to be credit checked too!
i need around £15k to £20k to sort my problems out.
any ideas at all, pls?

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