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To pay off or not to pay off present mortgage?
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Mpd_2
Posts: 4 Newbie
If I want to go on to get a mortgage for another property over the next year or two would i be looked on more favourably if still paying a mortgage or if i owned the property out-right?
Does it make any difference?!
New to all this
Thanks
Does it make any difference?!
New to all this
Thanks
0
Comments
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One mortgage is always better than two.0
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Thanks....0
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What is the rate on your current mortgage?
If particularly good, you may wish to keep it going and pay it down to a minimum, then draw it back up just before you move.
Then, you can port that amount/rate to a new mortgage on the new property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The rate is 2.5%....
Have the ability to pay off the remaining mortgage due to an inheritance from my parents who recently passed away. We do want to purchase a property in a different area and are contemplating whether to sell or rent this property dependant on whether still paying mortgage or own property....0 -
Roughly what is your present place worth compared to the new house?
If you increase your current mortgage will you retain the 2.5% ?0
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