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Pay off Mortgage or continue with Loan
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dibs1977
Posts: 7 Forumite
Hello advisors
I have a mortgage which is due to finish in Dec 2012 but will have about 20,000 more to pay due to endowment.
I have the flat rented out and I was wondering if it was better to pay the rest of the mortgage off and then pay tax on the rental income (I don't at the moment) or take another loan for the remaining 20,000 and continue to receive the net rental income?
I read somewhere that if your property is paid up and doesn't have a mortgage that people can steal your identity and take out loans in your name - it said that its not so easy if you have a mortgage. That was also a worry to me. Grateful for any suggestions.
I have a mortgage which is due to finish in Dec 2012 but will have about 20,000 more to pay due to endowment.
I have the flat rented out and I was wondering if it was better to pay the rest of the mortgage off and then pay tax on the rental income (I don't at the moment) or take another loan for the remaining 20,000 and continue to receive the net rental income?
I read somewhere that if your property is paid up and doesn't have a mortgage that people can steal your identity and take out loans in your name - it said that its not so easy if you have a mortgage. That was also a worry to me. Grateful for any suggestions.
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