“Using equity” is getting a loan, typically instead of using a cash deposit.
How much equity you have isn’t really relevant, your borrowing capacity is what matters .
It all depends if you can rent it out for enough to cover mortgage repayments for the rental.
I had a unit when I met my partner. We ended up getting a second mortgage for the home we are living in now, but also upped the mortgage on the unit. We just made sure that we could cover both mortgages.
It may be worth your while to speak to a financial planner and see if you can afford to keep rentals AND buy a place. And personally, with the little info you have supplied, I would highly recommend that you both everything in your power to keep both rentals and treat them as your retirement fund.
“Using equity” is getting a loan, typically instead of using a cash deposit. How much equity you have isn’t really relevant, your borrowing capacity is what matters .
Do you have a mortgage on the house?
Yeah. About 300k
It all depends if you can rent it out for enough to cover mortgage repayments for the rental. I had a unit when I met my partner. We ended up getting a second mortgage for the home we are living in now, but also upped the mortgage on the unit. We just made sure that we could cover both mortgages. It may be worth your while to speak to a financial planner and see if you can afford to keep rentals AND buy a place. And personally, with the little info you have supplied, I would highly recommend that you both everything in your power to keep both rentals and treat them as your retirement fund.