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Paying off Mortgage Dilemma
marmalade555
Posts: 36 Forumite
Hello, I am looking for some financial advise regarding our mortgage. At present we have 30k outstanding on our mortgage at a rate of 2.5 percent (unfixed). We also have 30K in ISAs that have an interest rate of 2.80% with Halifax ISA Direct Reward (variable ISA).
In the future hopefully before the end of this year/ or towards the middle of next year we intend to buy a second property for around £160,OOO - £180,000 and rent out this property (what we are in at the moment) for approx £525 per month. We want to move because we are looking to start a family.
We are unsure whether to use our savings to pay off our existing mortgage, or keep this to put towards the deposit on the second property (therefore having two mortgages). During the remainder of this year we should be able to save another 15k approx.
I am self employed and my partner is a teacher.
Any advise much appreciated
In the future hopefully before the end of this year/ or towards the middle of next year we intend to buy a second property for around £160,OOO - £180,000 and rent out this property (what we are in at the moment) for approx £525 per month. We want to move because we are looking to start a family.
We are unsure whether to use our savings to pay off our existing mortgage, or keep this to put towards the deposit on the second property (therefore having two mortgages). During the remainder of this year we should be able to save another 15k approx.
I am self employed and my partner is a teacher.
Any advise much appreciated
0
Comments
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you'll need the deposit on the second mortgage. so keep the cash,0
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