Hi, I'm a newbie, I have been amazed at the wealth of information this site is providing, and would appreciate some advice.
My partner and I bought a property 3 years ago, for which we provided a large deposit, and lived in it for a year before using the equity in it to buy another property which we moved into, renting out the first property. We have found ourselves in the position of now having a huge mortgage on our PPOR and struggling to meet repayments. So we have made the mistake of owing more on our PPOR than our IP. We are now thinking of renting a house ourselves and turning our current PPOR into an IP. Does this make sense?
My partner and I bought a property 3 years ago, for which we provided a large deposit, and lived in it for a year before using the equity in it to buy another property which we moved into, renting out the first property. We have found ourselves in the position of now having a huge mortgage on our PPOR and struggling to meet repayments. So we have made the mistake of owing more on our PPOR than our IP. We are now thinking of renting a house ourselves and turning our current PPOR into an IP. Does this make sense?