We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
what is the best to do
Options
mrmentortheinventor
Posts: 7 Forumite
i have a house i have been renting for 3 years
(went back and stayed with parents for 2,renting flat 1 yr)
im 34
the house is worth 185k outstanding mortgage 128k
i am just about to set up a better mortgage where the rent money will just about cover the mortgage payment
i am set on buying a flat i rent of a family friend, purchase price would be about 112k ,i have about 25k in savings
my plans were to ,keep an emergency fund,then hammer the mortgage in the flat with over payments, eventually move back to the house in about 8 years ,the mortgage in the flat should be nearly paid off by then, and rent the flat using the rental income to pay for the mortgage in the house and be mortgage payment free ?
am i correct in trying to do this or should i pay the minimum in the flat mortgage and overpay my rental house mortgage ?
if the house rent covers/nearly covers the mortgage payments this seems feesable to me ,but there will be more interest on the 128k mortgage?
does my plans seem the best thing to do for me ?
(went back and stayed with parents for 2,renting flat 1 yr)
im 34
the house is worth 185k outstanding mortgage 128k
i am just about to set up a better mortgage where the rent money will just about cover the mortgage payment
i am set on buying a flat i rent of a family friend, purchase price would be about 112k ,i have about 25k in savings
my plans were to ,keep an emergency fund,then hammer the mortgage in the flat with over payments, eventually move back to the house in about 8 years ,the mortgage in the flat should be nearly paid off by then, and rent the flat using the rental income to pay for the mortgage in the house and be mortgage payment free ?
am i correct in trying to do this or should i pay the minimum in the flat mortgage and overpay my rental house mortgage ?
if the house rent covers/nearly covers the mortgage payments this seems feesable to me ,but there will be more interest on the 128k mortgage?
does my plans seem the best thing to do for me ?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards