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Why not invest in a residential property? The values can occasionally drop short-term but generally rises of 7-9% a year are normal and you can often offset any small drop by buying sensibly and/or making improvements.
Plus you get somewhere secure to live with no threat of eviction, generally a lower monthly payment than renting and you can avoid the ERP.
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I am in a similar boat by the sounds of it with a kid and a flat but can't buy a house in London. I've got to say it sounds pretty high risk to sell your place and rent. What about if your circumstances change and you can't get a mortgage again?
Don't wanna stick my oar in but thought it worthwhile posting
Hefty
jv
@Dooks-Fatberg
My "sell up and rent for a bi"t plan is well underway. It does however include us copping early repayment charges on the existing mortgage as without a new property to port it too, we're forced to pay it off early one year into a three year fixed deal.
This will sting a bit and also result in a chunk of change sat idle our crappy sub 1% savings account for between six months and a year. Can anyone recommend any decent financial products which might help claw back a bit of the ERC loss in that timescale?