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Over pay mortgage or save deposit?
Little_Monster_3
Posts: 32 Forumite
Hi,
Just wanted to ask some advice about the best way to use our money at the moment. Myself and OH live in a house that he owns, tracker mortgage with about 10k equity based on prices now. We are planning to buy a house together when we find 'our dream house'. We have spoken to a financial advisor and could rent our current house out rather than have to sell. OH is keen on this and its up to him really.
As we (he!) is on at tracker for interest only he is able to over pay about £500 a month but i just wondered if this would be better saved for the deposit on our new house? We already have about 20% saved of what we plan to spend and i am saving every month adding to this.
Any advice would be great!
Just wanted to ask some advice about the best way to use our money at the moment. Myself and OH live in a house that he owns, tracker mortgage with about 10k equity based on prices now. We are planning to buy a house together when we find 'our dream house'. We have spoken to a financial advisor and could rent our current house out rather than have to sell. OH is keen on this and its up to him really.
As we (he!) is on at tracker for interest only he is able to over pay about £500 a month but i just wondered if this would be better saved for the deposit on our new house? We already have about 20% saved of what we plan to spend and i am saving every month adding to this.
Any advice would be great!
0
Comments
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I'm almost at the stage where I think Gordon wants you to spend every penny on fripperies to boost the economy and let him pick up the mortgage tab.
I'd say save if the mortgage is in his name but you're jointly saving for a deposit on the next one ...
Mind you 10k equity could easily be wiped out ... unless your mortgage is tiny0 -
If the mortgage is going to be for a B2L then leave it high as only the interest can be claimed back against the rental, tax is due on all profit.0
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