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Interest Only - is it ever a good idea?
Missyshona
Posts: 1 Newbie
I have around £40k equity sitting in a property which I rent out. I am currently renting myself and now want to buy a new house. I need to either sell the existing property, or release equity in it to get the deposit for the new place.
The only reason for hanging onto the existing property is as a potential source of pension funds in 30 years time. But would I ultimately be better off just selling up and decreasing the amount repayable on the new mortgage?
How have other people dealt with such a decision?
The only reason for hanging onto the existing property is as a potential source of pension funds in 30 years time. But would I ultimately be better off just selling up and decreasing the amount repayable on the new mortgage?
How have other people dealt with such a decision?
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