Profit from house - what are my options?

fearby

Sold house and when mortgage is cleared will have £70000.

Yay.

Will have to get a new mortgage but that won't be for a few months as renting for a short time.My salary will also be increased so getting significantly more each month

As I see it there are a few options:

1. Put all money as deposit on new place - reducing future mortgage.

2. Buy a second property - two mortgages then but could afford that.

3. Put some money as 5% deposit say and invest the rest elsewhere after bank loans payed off - this is where I have not really got any experience.Would a savings account give as much return as a second property for example?

Any suggestions

Cee

What do you want to do with the second property? Have you considered investing to rent out and therefore gaining an income that way? Hows that for another option

fearby

Yes - thanks for your speedy response.
That would be an option but only if return would be greater than a savings account.
Alternatively could buy a place in Slovakia like those people on TV tonight!

Hopefully selling it in a few years would produce a good profit!