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Help! Urgent Advice Needed - To Use Savings or Not?
jeanius1951
Posts: 5 Forumite
I own a rental property, which has recently suffered from extensive flood damage. Sadly insurance renewal got overlooked when I had an accident and is therefore non-existant.:eek: So, I need to raise about £10,000 to cover repair and refurbishment. What is the best way? Do I use savings (practically all of them) or take out a mortgage on the property? I don't have any mortgages on any property currently.
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Comments
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Depends on your personal situation. Are you still working to be able to repay a mortgage? Are other family members able to help?0
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Still in full time employment, but fast heading towards retirement. Could afford a small repayment mortgage. Sadly no other help available.0
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Sounds as if your rental property is part of your 'savings/pension plan' really.
I would bite the bullet and get it repaired asap. Savings probably the best bet, with interest rates so low.Member #14 of SKI-ers club
Words, words, they're all we have to go by!.
(Pity they are mangled by this autocorrect!)0
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