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2 mortgages advice! Please help x
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Dayzee73
Posts: 2 Newbie
The house I live in currently has 20k left to pay off - I am overpaying by the maximum £500 month (hard but long term gain!) and will have paid it off in 2.5 years . My mortgage fixed rate (6%) due to expire in June.I have another house that I rent out and have 80k to pay on that - but the rent fully covers the mortgage (only just!) that mortgage was fixed at a similar rate but recently expired so I have automatically gone on to their usual rate - which is cheaper (£50 month)
My question is should i borrow against my other house to pay this one off? The rate is cheaper on the other mortgage (but I can change this one soon) and I will have an early repayment fee (this is an outrageous concept I think!) but is it better that I put an extra £20 k on the other mortgage and be mortgage free here (and £800 a month richer!) or should I carry on with the original plan? Having the £800 month extra means I could over pay a bit on the other mortgage?
Is it better to have one mortgage than 2?
Thank u lovely people xxx
My question is should i borrow against my other house to pay this one off? The rate is cheaper on the other mortgage (but I can change this one soon) and I will have an early repayment fee (this is an outrageous concept I think!) but is it better that I put an extra £20 k on the other mortgage and be mortgage free here (and £800 a month richer!) or should I carry on with the original plan? Having the £800 month extra means I could over pay a bit on the other mortgage?
Is it better to have one mortgage than 2?
Thank u lovely people xxx
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The house I live in currently has 20k left to pay off - I am overpaying by the maximum £500 month (hard but long term gain!) and will have paid it off in 2.5 years . My mortgage fixed rate (6%) due to expire in June.I have another house that I rent out and have 80k to pay on that - but the rent fully covers the mortgage (only just!) that mortgage was fixed at a similar rate but recently expired so I have automatically gone on to their usual rate - which is cheaper (£50 month)
My question is should i borrow against my other house to pay this one off? The rate is cheaper on the other mortgage (but I can change this one soon) and I will have an early repayment fee (this is an outrageous concept I think!) but is it better that I put an extra £20 k on the other mortgage and be mortgage free here (and £800 a month richer!) or should I carry on with the original plan? Having the £800 month extra means I could over pay a bit on the other mortgage?
Is it better to have one mortgage than 2?
Thank u lovely people xxx
If your home has a mortgage with a higher interest rate what you are suggesting seems a good idea.
Are you allowed to pay off entire mortgage without any redemption charge?2016 MFW OPd £2000, 2015 MFW OPd 3000 then bought new bigger house with bigger mortgage.Beautiful boys born May 2011 and October 2013
MFW OPd 2014 £2000 2013 £9700 2012 £2848.39 2011 £2509.58 2010 £11000 2009 £112002008 £49390
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