I moved to Engalnd about 10 years ago and purchased a flat over 7 years ago by getting a mortgage, as my family is growing, I need to move to a bigger property so I decided to sell my flat and get a bigger mortgage, but the sale of the falt is not as easy as I thought it will be and it will cost me more than I expected to sell it and I probably will lose money by doing so, I'm thinking about letting this flat out so it will pay for the mortgage and get another mortgage to move into a bigger property with my family, is that will be Halal or Haram to do so and the reason please?
Since you are living in UK, there are many financial institutes that provide Shariah compliant financing for home purchase.
If you are able to obtain Shariah compliant financing then there is nothing wrong in renting out your current flat and purchase a bigger home for your family.
In case Shariah compliant financing is not available then you should stay in your current flat unless it becomes completely necessary to move out of there and purchase a house. In either case, you should try to repay the loan as soon as you can.
And Allah knows best.
Mufti Ikram ul Haq
Fatwa Center of America