We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Self employed- do I pay it all off?
charliewd
Posts: 1 Newbie
the situation...
My wife and I are self employed.
Our current mortgage fix / tie in runs out in Feb 09.
We have the funds in the bank to clear the mortgage (est £80k) when this time arrives (and enough spare to have a modest safety cushion).
We have one child at present... but would like to have more. This means we may outgrow our current house at some point... and therefore need another mortgage.
Is it better to pay off the whole mortgage balance now or keep a small balance (+ if so what is sensible?)?
I am concerned that if we pay it all off we may then have problems borrowing afresh due to self employed status (I was employed when I took out this mortgage).
Any advice from anyone with experience of this would be very welcome!
:beer:
My wife and I are self employed.
Our current mortgage fix / tie in runs out in Feb 09.
We have the funds in the bank to clear the mortgage (est £80k) when this time arrives (and enough spare to have a modest safety cushion).
We have one child at present... but would like to have more. This means we may outgrow our current house at some point... and therefore need another mortgage.
Is it better to pay off the whole mortgage balance now or keep a small balance (+ if so what is sensible?)?
I am concerned that if we pay it all off we may then have problems borrowing afresh due to self employed status (I was employed when I took out this mortgage).
Any advice from anyone with experience of this would be very welcome!
:beer:
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards