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Looking for some advice
marc5180
Posts: 170 Forumite
I sold my house last year just in time before negative equity and am currently renting.
Both my partner and i have pretty good jobs and we have managed to save up over 20k in 18 months.
Since we started renting we have a plan to be mortgage free/own a house outright in 10 years
time. We are very lucky and can save the maximum amount each year for our isas. (10k)
My only concern is that whilst we are renting, the 10 years rent would be dead money effectively, so
should we buy a house now and rather than pay into our isas pay the money off the mortgage by big overpayments
or keep saving and buy a house outright in 10 years whilst still earning interest on our savings until then?
Thanks
Both my partner and i have pretty good jobs and we have managed to save up over 20k in 18 months.
Since we started renting we have a plan to be mortgage free/own a house outright in 10 years
time. We are very lucky and can save the maximum amount each year for our isas. (10k)
My only concern is that whilst we are renting, the 10 years rent would be dead money effectively, so
should we buy a house now and rather than pay into our isas pay the money off the mortgage by big overpayments
or keep saving and buy a house outright in 10 years whilst still earning interest on our savings until then?
Thanks
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