We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
House Purchase Plan- 14 Years
qcvs2000
Posts: 22 Forumite
I want to own a house in 14 years:
I earn £49K rising to £59K in the next 12 months
I owe £90000 on a house that is rented and has £60K equity
I want to own a £260K house in 15 years
My pension will be £27k payable from age 55 (I am now 40)
I also get a lump sum of £110k on pension and additional lump sum at 65 of £110K.
I Aslo have 3 endownment 1 £30K for a house payment, and 2 going to be used for children education.
I have now debt and would want to rent the house whilst I am serving in the military.
Do I save and pay off as much of the mortgage as possible in the next 4 Years then re-mortgage - and use endownment and limp sum to pay off any residual.
Or save in ISAs for 15 years and add that to the paid of house in the south (the one I currently own).
I earn £49K rising to £59K in the next 12 months
I owe £90000 on a house that is rented and has £60K equity
I want to own a £260K house in 15 years
My pension will be £27k payable from age 55 (I am now 40)
I also get a lump sum of £110k on pension and additional lump sum at 65 of £110K.
I Aslo have 3 endownment 1 £30K for a house payment, and 2 going to be used for children education.
I have now debt and would want to rent the house whilst I am serving in the military.
Do I save and pay off as much of the mortgage as possible in the next 4 Years then re-mortgage - and use endownment and limp sum to pay off any residual.
Or save in ISAs for 15 years and add that to the paid of house in the south (the one I currently own).
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards