Mortgage V savings - my situation?

chamboselecta

Ok so I live abroad at the moment and am managing to save a lot of money (2000 sterling per month). I have a mortgage currently which is 65,000 on a one bed flat which I rent out at enough to cover the repayments. I am planning on moving back in 18 months to England but I want to keep the one bed place as an investment property and buy my own 3 bed famiyl home with my husband. So is it better to save up my 2000 a month towards a deposit on a new place as a second home and have then two mortgages but a large deposit for the second, or should i use the 18 month to get as much off my current mortgage as possible? Bearing in mind my savings are currently earning me very little. Or should I go half half?

Ahhhhh. Advice please?

Thank you

CLAPTON

assuming your current mortgage is a BLT then it won't affect a residencial mortgage so best to try to have 25-30% deposit to get the best deals on your future mortgage

dimbo61

As Clapton has said if? your current mortgage is a BTL mortgage then this will have no effect when applying for a new mortgage.
What,s the LTV of the flat and does the rent cover the mortgage payment and 25% extra?
Now if it does not you may need to clear some of the debt to improve the LTV and make sure the rent covers the mortgage and that bit extra.