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What to do?????
Aberdeenelvis
Posts: 1 Newbie
Hi all,
Just looking for advice please!
I have 2 mortgages, 1st property i have got rented out @£600 pcm with my cost at £360. Left to pay is 40k over 9 years or so. House valued @ 160k ish. It is rented to a family friend so the property is well looked after. Don't think I would like to sell it yet as it is in a good area and rental is guaranteed.
Property No 2 is my home with 200k to repay over 29 years, payments at 1k a month or so.
I now have a spare 40k. The question is which mortgage I put the spare 40k into.
Should I pay off house No 1 or reduce my costs on property No 2?
I am in my mid 30s and with wife and kids. The 40k is not all the savings as I would like to keep some for a rainy day.
I have my own thoughts but just looking to see what others think?
Thanks in advance.
Just looking for advice please!
I have 2 mortgages, 1st property i have got rented out @£600 pcm with my cost at £360. Left to pay is 40k over 9 years or so. House valued @ 160k ish. It is rented to a family friend so the property is well looked after. Don't think I would like to sell it yet as it is in a good area and rental is guaranteed.
Property No 2 is my home with 200k to repay over 29 years, payments at 1k a month or so.
I now have a spare 40k. The question is which mortgage I put the spare 40k into.
Should I pay off house No 1 or reduce my costs on property No 2?
I am in my mid 30s and with wife and kids. The 40k is not all the savings as I would like to keep some for a rainy day.
I have my own thoughts but just looking to see what others think?
Thanks in advance.
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