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Buying Another Property, 2nd Mortgage
PierremontQuaker03
Posts: 333 Forumite
Hi I was just wondering if this could be done.
The current value of my home is 140k, and I have 25k left in my mortgage. I have 15k in savings which I was hoping to use in purchasing another propery for around 150k.
Eventually I would move out of my current home and rent it out, once the property I buy is ready to move into.
I would like to keep this 25k I owe on the current mortgage and pay it off as quickly as possible rather than buying the other home and mergering the two properties together on one mortgage - is this making sense? Can it be done? What are my options? Or would it be better, in the grand scheme of things, to pay off my 25k mortgage as quickly as possible using my 15k savings and then try and get a 90/95% mortgage on the new home. I earn 42k per year.
Thanks
The current value of my home is 140k, and I have 25k left in my mortgage. I have 15k in savings which I was hoping to use in purchasing another propery for around 150k.
Eventually I would move out of my current home and rent it out, once the property I buy is ready to move into.
I would like to keep this 25k I owe on the current mortgage and pay it off as quickly as possible rather than buying the other home and mergering the two properties together on one mortgage - is this making sense? Can it be done? What are my options? Or would it be better, in the grand scheme of things, to pay off my 25k mortgage as quickly as possible using my 15k savings and then try and get a 90/95% mortgage on the new home. I earn 42k per year.
Thanks
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