Advice and opinions needed please

bobdem

Hello all

I am currently in a co-ownership mortgage. I have just had my property valued and it has come in at 65k. Like most people this is big drop as I originally bought 50% of the property and owe 50k at 5.69% interest. I have spoken to the co-ownership people and they have advised that if i buy a further %5 equity it will reduce my rent from 120 a month to 60, saving me around 700 a year. The 5% equity will cost me 3k. I’m not sure if it would be better just to consider paying this extra of my mortgage (i am out of my term) or buying the extra equity and saving myself money in the short term and who knows perhaps if prices recover having more of an investment. but I hope to sell the property and move sooner rather than later for number of reasons least of all the cash but that’s a story for a different forum. Although selling at the current price would leave me with a big debt to pay. I realise this is quite a brain melter or perhaps it is only to me. Any thoughts or suggestions would be really appreciated .. thanks in advance