Where next for saving plan?

Simon11

Hi All

I'm hoping for some advise on what I should plan/save for! I've worked very hard to save up to be a FTB, but not unsure what to do with savings I now build up (although writing this has given me an idea).

I'm nearly in my Mid-20's and last year became a FTB, buying a 1 bed in Birmingham. I put down a deposit of close to 50%, with a mortgage of 2.29% plus base rate for lifetime of mortgage.

My current thought is that it's not worth paying the mortgage off as I have started a new ISA this year fill up which gives 2.6% and fillthe remainding money in an online account which offers 2.2% after tax. I currently have around £14k in spare money due to currently putting someone money towards a big holiday:)

Once I join the next run of the career ladder, this may involve moving cities and I intend on keeping my current flat as the value of the flat could go up quite nicely! It will be only a few minutes from the proposed site of HS2, with lots of developments nearly increasing the value. In addition, the rent market is very strong due to university and people working in the city.

If I wish to keep my current property, I need to save up enough of a deposit for my next plan:o

Given my age, should I consider putting my money elsewhere?

BTW, I have a final average pension, so I won't need to invest into a pension, although trying to set myself up for my old age, to hopefully retire early, live off savings and then use the pension once it kicks in.

Thanks

Simon

xmodz

could you not consider getting your new house on a buy to let mortgage?